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: 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: 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: 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 AAA (Section 1368(e))

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

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: 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: 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: 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…

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.