Purchased equipment that cost $21,000; paid $5,000 cash and signed a two-year note for the balance. Record the transaction.

Q: Kara Delaney received a $6,000 gift for graduation from a relative. If she deposits the entire…

A: Present Value = pv = $6000Interest Rate = r = 2%Time = t = 10

Q: Hello! I need help figureing out the interest revenue earned on the Year ended December 31. The…

A: Notes receivablesAmountDatePeriodAnnual 12 months or 365 days interestPeriod Note remained…

Q: To remodel your business, you need to sign a 190-day note with proceeds of $16,559.57 and a maturity…

A: Solution Given Maturity period of note 190 days Issue proceed 16559.57 Maturity…

Q: The Wesley Company purchased office furniture and equipment for $8,600 and agreed to pay for the…

A: The installment amount is paid by a buyer to a seller to settle the debt related to such purchases.…

Q: Purchased a $15,000 piece of factory equipment with a 3% Note Payable which will be paid in full at…

A: When an asset is purchase, then asset purchased will be debited and Cash or Bank or Liability…

Q: A contractor purchased a Caterpillar D-13 dozer for $100,000 and owned it for five years. The annual…

A: Uniform Annual Cost (UAC) refers to the constant and equal annual expense incurred over the life…

Q: A healthcare facility purchases new equipment for $10,000,000.00. The new equipment has a scrap…

A: Depreciation expense :— It is the allocation of depreciable cost of asset over the estimated useful…

Q: capitalized amount of the equipment?

A: Meaning of Capitalized costs Capitalized costs includes all the fixed costs incurred in purchase of…

Q: Arlex Oil Corporation plans to build a new garage in 6 years. To finance the project, the financial…

A: Present value is an estimate of the present value of future cash values ​​that may be received at a…

Q: certain machine the following were spent for its During the first 10 years of the life of…

A: Year (1) Cashflows (2) PV factor / annuity factor @7% (3) Discounted Cashflows (4) = (2)*(3)…

Q: new set of computers cost your company $25,000. Compute the accumulated depreciation through Year 3…

A: Accumulated depreciation is the total amount of depreciation expense that has been recognized on an…

Q: Red Robin borrowed money to purchase a vehicle this year for $47,210. The vehicle loan is an…

A: Journal entries are prepared to record the financial transactions in the accounting book. It is the…

Q: community hospital in a rual community operates the ambulance service. the hospital purchases a new…

A: Depreciation means reduction in value of asset over the useful life of the asset. This is done to…

Q: The following transactions occurred during the year. Record these transactions. HHL took out a…

A: Journal entry:- A journal entry is the process of recording business transaction into an accounting…

Q: Salty Frozen Yogurt purchases a new refrigeration system for $100,000 on 1/1/21. Salty pays an…

A: Formula: Present value of Annuity = P [ 1 - ( 1 + r )-N / R ] R = Rate of interest N = period P =…

Q: ▪mputing Annuity Amounts to a Debt Re nd n January 1, Chang Inc. establishes a bor nd (a bond…

A: Future of the annuity is required to calculate the sinking fund amount and sinking fund is the…

Q: A: Prepare the first 6 month's amortization table: Payment # Payment Interest Expense 123456 $3,000…

A: Payment#PaymentInterest ExpensePrinciple…

Q: what is the correcting entry for.. purchasing equipment for $260,000, paying $60,000 cash, and…

A: Since Equipment is purchased for $ 260,000, $ 60,000 cash is paid and 10% note is issued for…

Q: Purchase machinery by paying $50,000 down and agreeing on 4 equal installments of $40,000 payable at…

A: Carrying Amount = $40,000 x PVAF (8%, 4)                             = $40,000 x 3.31213…

Q: Kia deposited $1,300, at the BEGINNING of each year for 26 years in a credit union account. If the…

A: Annuity = a = $1300 Time = t = 26 years Interest rate = r = 8%

Q: broadband service company borrowed $ 2 mil lion for new equipment and repaid the loan in amounts of…

A: Given, Company borrowed $ 2 million Loan in amounts of $ 200,000 Lump sum amount of $ 2.2 million

Q: blem 2: René Lara has just signed in notary #8, the contract for the purchase and sale of a house,…

A: Loans are paid by the equal monthly installments that carry the principal and interest amount.

Q: Your company purchased $95,000 of equipment $15,000 cash downpayment and the rest with a note. The…

A: First, we need to calculate the amount of the loan. The company purchased equipment worth $95,000…

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.