Prepare all necessary journal entries for 2026. (Cr

Q: Can this be in the adjusted journal entry format like above. Ex: K3000D,B2000D,TT5000C

A: Closing entries are journal entries made at the end of an accounting period to transfer temporary…

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A: pay for construction $200,000 was borrowed on March 1 on a 12%, three-year note payable. The only…

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A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: The following information is for a copyright owned by Flounder Corp., a publicly accountable entity,…

A: Impairment Cost -A unique or sporadic event, such as a shift in the marketplace or laws, a shift in…

Q: Student ID Day 63638034 Monday 23957096 Thursday 28080825 Monday Exam Score 61 70 1. How many…

A: =COUNTIF is used to count the cells satisfying the given criteria in the given range.

Q: Explain the recording process of special journals.

A: Companies use special journals to record repetitive transactions that affect the same set of…

Q: Define each of the following terms:d. FASB Statement 13; ASU 2016-02

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

Q: Prepare journal entries and calculate net pa

A: Journal Entry:   A journal entry is a systematic record of a financial transaction recorded in…

Q: Which FASB accounting standard(s) are next in line to converge with an IFRS standard?

A: As of my last update in January 2022, the convergence efforts between the Financial Accounting…

Q: Briefly discuss the main provisions of the SOX, and then explain Section 404 in detail.

A: SOX stands for Sarbanes-Oxley Act and it established protocols related to the assessment of internal…

Q: Q5. Prepare the journal entries for the following transactions of Deshawn Company for 2011.

A:

Q: 3. Itco uses a perpetual following transactions took place: 10/1 10/5 10/10 10/12 10/15 10/22 A. UTS…

A: Periodic inventory system means where day to day in or out of goods is not recorded and value of…

Q: Describe the process of special journal.

A: Definition: Special journal: Special journal refers to the journal that is used to record a single…

Q: The following events occur for Messer Engineering during 2024 and 2025, its first two years of…

A: The company makes sales on cash as well as on the account, the sales on account are made to achieve…

Q: how to find the solution to the may 15th entry?

A: When using the gross method, the sales transaction is recorded at the full price without subtracting…

Q: For VAT and Percentage transactions, state when will be the deadline for the remittances

A: VAT is value added tax and it is indirect tax which means tax is paid by consumer of goods or…

Q: describe implications for fi nancial analysis of diff ering fi nancial reporting systems and the…

A: Financial report may be defined as the collection of major financial statements which are prepared…

Q: 3. Prepare the journal entries to record the two expenditures during 2019. (If no entry is required…

A: Solution:- Journal entries in the books of Manrow Growers during the year 2019 as follows:-

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.