The following data relate to a company that produces and sells a travel guide that is updated monthly: Fixed costs: Copy editing $6,000 2,000 72,000 Art work Typesetting Variable costs: Printing and binding $3.20 per copy Bookstore discounts 4.00 per copy Salespersons' 0.50 per copy commissions Author's royalties 2.00 per copy Each book sells for $20.00. The company sold 8,000 books in June and 10,000 books in July. The contribution margin ratio for the book is: (round your final answer to the nearest tenth of a percent.) O 71.5% 52.0% 51.5% O 54%

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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.