Business/Professional Ethics Directors/Executives/Acct
Business/Professional Ethics Directors/Executives/Acct
8th Edition
ISBN: 9781337485913
Author: BROOKS
Publisher: Cengage
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I need help with this general accounting question using the proper accounting approach.
Green, an individual taxpayer who is not a day trader, has requested assistance from a CPA to calculate Year 2 gains and/or losses on the sale of various shares of stock. For each of the following transactions, calculate the correct gain or loss and enter the amount in the associated box in the Gain or Loss column. 4. Sold 1,225 shares of ABC Corp. stock at $9 per share. Green purchased 600 shares several years ago at $30 per share. Three years ago, when the stock price was $21, there was a 2-for-1 stock split, and two years ago, when the stock price was $25, there was a 3-for-2 stock split. No other shares were sold by Green before Year 2. 5. Sold 500 shares of XYZ Corp. stock at $20 per share. Green purchased these shares two years prior at $22 per share. Three weeks prior to the sale, Green purchased 100 shares of XYZ stock at $18 per share. 6. Sold 1,600 shares of BX Corp. stock at $4 per share. Green received these shares as a gift from his sister four years ago. The fair market…
Alessandra Manufacturing produces various electronic components. Last year, the company's variable costing net operating income was $92,400, and ending inventory increased by 1,800 units. Fixed manufacturing overhead cost per unit was $5. Determine the absorption costing net operating income for last year.
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