Salaries expense. Consulting revenue..... 12,000 3,000 Cash...... .8,000 Utilities expense... Note payable... Accounts receivable........ $3,500 A. Lopez, Withdrawals.......2,000 Office supplies.... Rental revenue.. .. 200 .2,400 1,500 .500 Advertising expense.. Prepaid insurance.. Accounts payable..... Note receivable... Rent expense..... Unearned revenue... Required 1. Prepare a March income statement for the business. . 400 ..1,000 $1,300 .2,500 2,000 .300

Q: Do question 6

A: Balance sheet is a type of financial statements that show the financial balances of any company at…

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A: Accounting equation is a representation of the balance sheet that shows total assets is equal to the…

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A: Since you have asked multiple question, we will solve the first question for you. If you want any…

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A: Given: Beginning of the Year Common Stock = $8 Additional Paid in Surplus = $138 End of the Year…

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A: Net realizable value = Estimated Selling Price -  Cost of Completion and Disposal where, Cost of…

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A: Stock beta = 1.38 Expected return = 13.6% Risk free rate = 4.7%

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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.