Evoc Company Statements of Financial Position December 31 Intangibles and other assets. Property, plant, and equipment Investments Current assets Prepaid expenses 2020 2019 €530 420 10 €120 €160 € 510 380 10

Q: What are the two cases where Garner VS Murray rule is not applicable?

A: Generally, as per the Garner vs Murray rule, any capital loss incurred due to bankruptcy of the…

Q: 10) 11) 12) 13) 14) Explain Dual Aspect concept and provide example. Explain Consistency concept and…

A: 10) Dual Aspect Concept:  Any business transaction is documented in two separate accounts according…

Q: THE SMITH COMPANY Using the business transactions below, complete T-accounts for the Smith Company.…

A: T Accounts    1. Cash Account Particular Debit Particular Credit         To capital A/c…

Q: Why does the FASB recommend the direct method over the indirect method?

A: Definition:   Financial accounting standards board (FASB): This is the organization that creates,…

Q: iii. Do you think the regulatory requirements in Tier 2 should be tightened? Why or Why not?

A: Please note since, the context and industry has not been specified, this question has been answered…

Q: eristics?

A: Step 1   Risk is defined as an occurrence that harms financial performance and/or reputation as a…

Q: The Sarbanes-Oxley Act requires the following?

A: Sarbanes-Oxley Act is formulated during 2002 under US federal law. The prime purpose of the act is…

Q: Do you agree?

A: Basel norms are the norms which are framed by Basel committee on Banking supervision. These rules…

Q: Explain preemptive right

A: Answer: A pre-emptive right is a benefit that can be granted to other owners in a company that gives…

Q: Explanation 1031 like-kind exchange

A:

Q: Why is a preemptive right important?

A: Preemptive rights means the rights to  be offered to purchase a property before it is offered to…

Q: What is free trade what are its pros and cons?

A: Trade is an economic activity in which buying and selling are involved. It involves buying and…

Q: What is AAA (Section 1368(e))

A: The S corporation is a corporation that chooses to pass all income, losses, deductions, and all…

Q: With the aid of examples, highlight the differences between the following terms: Rights issue and…

A: Solution:- Capitalization issue are also known as bonus issue. The following difference between…

Q: What is Break Even Point?

A: BEP is called as break even point. Formula: Break even point = Fixed cost / Contribution per unit

Q: Why option A is incorrect?

A: revenue is generated by the business whenever  goods or services are sold by the business.this leads…

Q: What is Reiman’s (2001) argument?

A: Arguments is an act or process of arguing or discussing. There are different types of arguments like…

Q: please question d) e) and F)

A: in order to calculate Weighted average cost of capital it is important to know the cost of capital…

Q: 1,525,394 is the wrong answer. what is the correct one?

A: The recovery of net working capital (NWC) refers to the return of funds initially tied to current…

Q: The numbers indicate that it would be profitable to accept a special order. Should we consider any…

A: We often see companies receiving special orders for selling a product from some customers. To…

Q: Why was the Sarbanes-Oxley Act developed and enacted?

A: Introduction:- The Sarbanes–Oxley Act of 2002 is a federal law in the United States that sets…

Q: PFRS 15.

A: Definition: PFRS 15 - Philippine Financial Reporting Standards. It includes Philippine Accounting…

Q: tate two (2) main criticisms against the adoption of IFRSs in some countries.

A: IFRS was established to give a single view to the balance sheet prepared by the companies globally.…

Q: hat are the Sarbanes-Oxley Act and GAAP?

A: In order to reduce the fraud in corporations while recording financial transitions or preparing…

Q: Over subscription and under subscription

A: Over subscription and under subscription are terms associated with the issue of shares of a company…

Q: Determining current portion of long-term note payable On January 1, Irving Company purchased…

A: “Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: i did ask for a certain question to be resolved question 2b

A: High low method is used to segregate the semi variable or mixed cost into two separate costs i.e.…

Q: Explain the advantages and disadvantages of (i) Progressive taxing system and (ii) regressive taxing…

A: Following is the answer to the question

Q: developed the IPSASs? d.What are the scopes of the IP

A: International Public Sector Accounting Standards (IPSAS) are a collection of accounting standards…

Q: What is the primary difference between the APT and the CAPM?

A: APT is an abbreviation used for arbitrage Pricing Theory whereas CAPM is an acronyms used for…

Q: Define OEM and EOM? Give three differences between them?

A: Original Equipment Manufacturer (OEM):An original equipment manufacturer is referred to as a company…

Q: What is covered by Regulation S–X?

A: Regulation S-X is a U.S. Securities and Exchange Commission rule that covers annual reports from…

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.