Would education expenses incurred by a self-employed individual be allowed in 2021 for the following expenses?

Q: 11. Albert Salcedo, owner of Albert Enterprise has provided you with a comparative income statements…

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Q: after a lengthy meeting with the marketing team about a new product being introduced, your boss asks…

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Q: page 885 E 15-3 Finance lease; lessee; balance sheet and income statement effects • LO15-2 (Note: E…

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Q: answer ..

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Q: DRK, Incorporated, has just sold 140,000 shares in an initial public offering. The underwriter's…

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A: give, r= 13.01% year CF 0 -3764394 1 0 2 0 3 878248 4 878248 5 878248 6 1534992 7…

Q: please answer

A: Total units available for sale = 301+395+191 = 887 units Ending inventory = 462 units

Q: Kate has put a lot of time and effort into streamlining the process to design and produce a greet-…

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Q: lournal Entries for Accounts and Notes Receivable Lancaster, Inc., began business on January 1.…

A:

Q: D man

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Q: Diego Rivera was born in Mexico. When he was a child, Diego liked to draw everywhere. He even drew…

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A: Balance sheet is one of useful financial statement of business, which shows all assets, liabilities…

Q: Inventory Costing Methods-Periodic Method The following data are for the Portet Corporation, which…

A: Definition:  Periodic Inventory System: Periodic inventory system is a system in which the inventory…

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A: Ans. While conducting audit, the auditor is required to follow certain code of conduct,such as…

Q: 4. NIU Company has the following information available for September 2010. Unit selling price of…

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A: Depreciation is an expense which is charged to a fixed asset of a firm. Depreciation is reported on…

Q: 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base…

A:

Q: BE 14-15 Reporting bonds at fair value • LO14-6 AI Tool and Dye issued 8% bonds with a face amount…

A: Answer-: Bonds:-  An interest bearing security or long-term promissory note that a company…

Q: In the case of interest income from state and Federal bonds, which are true and which are false? I.…

A: Introduction: The Internal Revenue Service levies a federal income tax on individuals and…

Q: Answer

A: Step 1:Simple calculations:Present value of annuity due=(1+rate)*Annuity[1-(1+interest rate)^-time…

Q: 11. If you would like to have $500,000 set aside in 40 years, assuming a 4% annual rate of return,…

A: Formula to be used:  FV of annuity=P1+rn-1rWhere,FV = $500,000r=0.0412=0.003333n= 40yr×12=480

Q: Required: 1. Compute the company's net sales for the year. 2. Compute the company's total cost of…

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Q: 3. On June 30 of the next year, Jarden concludes that a customer's $5,800 receivable is…

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Q: Marie Chi inherited $425,000 from her grandmother and decided to invest the funds at 8% per year.…

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Q: QUICK CHECK 3C As before, Colonial Heritage's supplier of hardwood will only be able to supply 2,000…

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Q: 6) Brianna takes out a four-year loan for $15,000 at 6.5% A.P.R. to buy a new car. What is Brianna's…

A: Principal amount = $15,000 Interest rate = 6.50% per annum ~ 0.54% per month Period = 4 years ~ 48…

Q: Exercise 11-17 (Algo) Preparing a statement of retained earnings LO C3 Prepare a statement of…

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Q: Laura, manager of Swifty Company, is using a variable costing system to evaluate the company's…

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Q: Required information [The following information applies to the questions displayed below.] Tyrell…

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Q: 6. Under a defined contribution plan, which of the following statements is false? * The actual…

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Q: On January 1, Boston Enterprises issues bonds that have a $3,400,000 par value, mature in 20 years,…

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Q: page 813 p. 8 BE 14-11 Installment note • LO14-3 On January 1, a company borrowed cash by issuing a…

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Q: Missing amount from an account On August 1, the supplies account balance was $1,025. During August,…

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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.