Compute trend percentages for the following items taken from the financial statements of Lopez Plumbing over a five-year period. Treat 2014 as the base year. State whether the trends are favor- able or unfavorable. (Dollar amounts are stated in thousands.) 2018 2017 2016 2015 2014 Sales .. $81,400 $74,000 $61,500 $59,000 $50,000 Cost of goods sold 58,500 48,000 40,500 37,000 30,000

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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.