Kennedy Holdings had a beginning capital of $15,000. The owner made additional investments during the year of $50,000 and withdrew $20,000. At the end of the year, the ending capital balance was $85,000. What was the net income or net loss for the period?
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What was the net income or net loss for the period ?
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- In its first year, Firm KZ recognized $467,250 ordinary business income and a $15,850 loss on the sale of an investment asset. In its second year, Firm KZ recognized $530,000 ordinary business income, a $21,500 Section 1231 gain, and a $8,200 Section 1231 loss on two sales of operating assets. Required: a. Compute KZ's book and taxable income for its first year. b. Using a 21 percent tax rate, compute KZ's deferred tax asset or liability (identify which) on its balance sheet on the last day of the year. c. Compute KZ's book and taxable income for its second year. d. Compute KZ's deferred tax asset or liability (identify which) on its balance sheet on the last day of the second year. Complete this question by entering your answers in the tabs below. Req A and B Req C and D a. Compute KZ's book and taxable income for its first year. b. Using a 21 percent tax rate, compute KZ's deferred tax asset or liability (identify which) on its balance sheet on the last day of the year. Note: Round…Coline has the following capital gain and loss transactions for 2021. a. Short-term capital gain $7,900 b. Short-term capital loss (3,318) c. Long-term capital gain (28%) 9,480 d. Long-term capital gain (15%) 3,160 e. Long-term capital loss (28%) (16,590) After the capital gain and loss netting process, what is the amount and character of Coline's gain or loss?Coline has an overall net short-term capital gain of $ .Minear Company reported net income of $480,000 for the year ended 12/31/21. Included in the computation of net income were: depreciation expense, $60,000; amortization of a patent, $32,000; income from an investment in common stock of Brett Inc., accounted for under the equity method, $48,000; and amortization of a bond discount, $12,000. Minear also paid an $80,000 dividend during the year. The net cash provided by operating activities would be reported at $344,000. $424,000. $536,000. $456,000.
- Crane Company reported net income of $470000 for the year ended 12/31/21. Included in the computation of net income were: depreciation expense, $59000; amortization of a patent, $31000; income from an investment in common stock of Blossom Company, accounted for under the equity method, $47000; and amortization of a bond discount, $11000. Crane also paid an $79000 dividend during the year. The net cash provided by operating activities would be reported at $335000. $445000. $414000. $524000.Bonita Industries reported net income of $537000 for the year ended 12/31/21. Included in the computation of net income were: depreciation expense, $90100; amortization of a patent, $48500; income from an investment in common stock of Sandhill Co., accounted for under the equity method, $71400; and amortization of a bond premium, $18400. Bonita also paid a $123000 dividend during the year. The net cash provided by operating activities would be reported at $365500. $488500. $585800. $462800.In its first year, Firm KZ recognized $427,300 ordinary business income and a $13,590 loss on the sale of an investment asset. In its second year, Firm KZ recognized $500,800 ordinary business income, a $19,300 Section 1231 gain, and a $7,400 Section 1231 loss on two sales of operating assets. * I only need Requirement D to be solved. Required: d. Compute KZ's deferred tax asset or liability (identify which) on its balance sheet on the last day of the second year.
- Swifty Company reported net income of $481000 for the year ended 12/31/25. Included in the computation of net income were the following: depreciation expense, $59400; amortization of a patent, $32000; income from an investment in the common stock of Blue Inc., accounted for under the equity method, $ 48400; and amortization of bond discount, $12000. Swifty also paid an $81000 dividend during the year. The net cash provided by operating activities would be reported at (a) $455000 (b) 423000 (c)342000 (d ) 536000Crane Company reported net income of $487000 for the year ended 12/31/21. Included in the computation of net income were: depreciation expense, $59400; amortization of a patent, $31100; income from an investment in common stock of Wildhorse Co., accounted for under the equity method, $48000; and amortization of a bond discount, $11500. Crane also paid an $79900 dividend during the year. The net cash provided by operating activities would be reported at $461100. $430000. $541000. $350100.Subject: accounting
- XYZ Co. has current assets of OR 75000 and total assets of OR 210000. It has current liabilities of OR 45000 and total liabilities of OR 110000. If during the year he had drawings OR 7500, retained earnings OR 34000 & Net Profit for the year OR 12500. What will be the amount of XYZ's Opening Capital?Lanco Corporation, an accrual-method corporation, reported taxable income of $1,460,000 this year. Included in the computation of taxable income were the following items: MACRS depreciation of $200,000. Depreciation for earnings and profits purposes is $120,000.A net capital loss carryover of $10,000 from last year.A net operating loss carryover of $25,000 from last year.$65,000 capital gain from the distribution of land to the company’s sole shareholder (see below).Not included in the computation of taxable income were the following items: Tax-exempt income of $5,000.Life insurance proceeds of $250,000.Excess current-year charitable contribution of $2,500 (to be carried over to next year).Tax-deferred gain of $20,000 on a like-kind exchange.Nondeductible life insurance premium of $3,500.Nondeductible interest expense of $1,000 on a loan used to buy tax-exempt bonds.Lanco’s accumulated E&P at the beginning of the year was $2,400,000. During the year, Lanco made the following…Compute for the gross income under accrual basis.