B4 View PoliciesCurrent Attempt in ProgressPresented below is information related to Tamarisk Corp. for the year 2025.Net salesCost of goods soldSelling expensesAdministrative expensesDividend revenueInterest revenue$1,430,000858,00071,50052,80022,0007,700Write-off of inventory due to obsolescenceDepreciation expense omitted by accident in 2024Casualty lossCash dividends declaredRetained earnings at December 31, 2024Effective tax rate of 20% on all items$88,00060,50055,00049,5001,078,000

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Business

Accounting

Presented below is information related to Tamarisk Corp. for the year 2025.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

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.

Question

100%

View Policies
Current Attempt in Progress
Presented below is information related to Tamarisk Corp. for the year 2025.
Net sales
Cost of goods sold
Selling expenses
Administrative expenses
Dividend revenue
Interest revenue
$1,430,000
858,000
71,500
52,800
22,000
7,700
Write-off of inventory due to obsolescence
Depreciation expense omitted by accident in 2024
Casualty loss
Cash dividends declared
Retained earnings at December 31, 2024
Effective tax rate of 20% on all items
$88,000
60,500
55,000
49,500
1,078,000

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E12.18