7. In addition to his business as construction materials dealer, Henlin has the following capital assets transaction in 2011: Capital Capital gain (loss) P 69,000 Date Date Selling Sold Selling Price Acquired P80,000 Expenses P 1,000 Asset Cost 3/15/2011 M. Benz Car 05/16/2011 400,000 Refrigerator 09/05/2011 6,000 12/05/2011 12,000 05/10/2008 P10,000 07/15/2009 02/09/2011 01/10/2011 Jewelry 350,000 20,000 30,000 5,000 1,000 Ford car 20,500 (8,500) The net capital gain of Henlin in 2011 is : a. P27.000 b. P76.500 c. P42.000 d. P26.500
7. In addition to his business as construction materials dealer, Henlin has the following capital assets transaction in 2011: Capital Capital gain (loss) P 69,000 Date Date Selling Sold Selling Price Acquired P80,000 Expenses P 1,000 Asset Cost 3/15/2011 M. Benz Car 05/16/2011 400,000 Refrigerator 09/05/2011 6,000 12/05/2011 12,000 05/10/2008 P10,000 07/15/2009 02/09/2011 01/10/2011 Jewelry 350,000 20,000 30,000 5,000 1,000 Ford car 20,500 (8,500) The net capital gain of Henlin in 2011 is : a. P27.000 b. P76.500 c. P42.000 d. P26.500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
What is the net
![7.
In addition to his business as construction materials dealer, Henlin has the following capital
assets transaction in 2011:
Capital
Date
Date
Selling
Capital gain
Sold
Selling Price Acquired
P80,000
(loss)
P 69,000
Asset
Cost
Expenses
3/15/2011
05/10/2008 P 10,000
P 1,000
Jewelry
М. Benz Car
Refrigerator
05/16/2011 400,000
07/15/2009 350,000
02/09/2011
20,000
30,000
09/05/2011 6,000
5,000
1,000
Ford car
12/05/2011 12,000
01/10/2011
20,500
(8,500)
The net capital gain of Henlin in 2011 is :
a. P27,000
b. P76,500
с. Р42,000
d. P26,500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4213afb0-13ac-45ee-9520-9446f6282eaf%2F3817fb8a-7818-40bf-9086-7e4e281f7d46%2Fvio36u_processed.png&w=3840&q=75)
Transcribed Image Text:7.
In addition to his business as construction materials dealer, Henlin has the following capital
assets transaction in 2011:
Capital
Date
Date
Selling
Capital gain
Sold
Selling Price Acquired
P80,000
(loss)
P 69,000
Asset
Cost
Expenses
3/15/2011
05/10/2008 P 10,000
P 1,000
Jewelry
М. Benz Car
Refrigerator
05/16/2011 400,000
07/15/2009 350,000
02/09/2011
20,000
30,000
09/05/2011 6,000
5,000
1,000
Ford car
12/05/2011 12,000
01/10/2011
20,500
(8,500)
The net capital gain of Henlin in 2011 is :
a. P27,000
b. P76,500
с. Р42,000
d. P26,500
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