5.4 DIY Balance Sheet PRACTICE Assignment Given the following information for Jane Brown, lawyer, calculate the value of J. Brown, Capital as of December 31, 2022: 1) Identify all the Asset, and find the total Asset value. Identify all the Liabilities, and find the Total Liabilities value. Use the Fundamental Accounting Equation to calculate the value of J. Brown, Capital. Item Value Accounts Payable 2, 300 Cash in Bank 14, 500 Accounts Receivable 3, 400 Law Book Library 8, 500 GST Payable 550 GST Recoverable 268 Prepaid Rent 2, 500 Office Supplies 765 Bank Loan (2 year) 3, 400 Office Equipment 15, 400 Salaries Payable 1, 200

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.