This gives you an adjusted cost basis of $1,300. This is the amount you subtract from your sale price of $1,500, meaning you have taxable gain of only $200 instead of $500.
Aug 16, 2016 · 10. Jill’s Wigs Inc. had the following balance sheet last year: Forecast this year Cash $ 800 x 2 = $1,600 Accounts receivable 450 x 2 = 900 Inventory 950 x 2 = 1,900 Net fixed assets 34,000 34,000 Total assets $36,200 $38,400 Accounts payable $ 350 x 2 = $ 700 Accrued wages 150 x 2 = 300 Notes payable 2,000 2,000 Mortgage 26,500 26,500 This banner text can have markup.. web; books; video; audio; software; images; Toggle navigation
Apr 24, 2017 · A balance scale is an instrument used to measure the weight of objects by comparing their weights to a set of known weights. Lady Justice, a symbol of an impartial legal system since Ancient Rome, is seen holding a balance scale, on which she is said to weigh the merits of both sides of the case. The Four Financial Statements. Businesses report information in the form of financial statements issued on a periodic basis. GAAP requires the following four financial statements: Balance Sheet - statement of financial position at a given point in time. Income Statement - revenues minus expenses for a given time period ending at a specified date. CHAPTER 3 BALANCE OF PAYMENTS SUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTER QUESTIONS AND PROBLEMS QUESTIONS 1. Define the balance of payments. Answer: The balance of payments (BOP) can be defined as the statistical record of a country’s international transactions over a certain period of time presented in the form of double-entry ...
Apr 04, 2019 · Balance sheet ratios are financial metrics that determine relationships between different aspects of a company’s financial position i.e. liquidity vs. solvency. They include only balance sheet items i.e. components of assets, liabilities and shareholders equity in their calculation. Existence, Valuation, Right, and Obligation are the main financial assertion in balance sheet items. And as long as these assertions are correct, their related assertion is highly likely correct as well. For example, if the right, valuation, existence of assets are confirmed to be correctly recorded in the balance sheet for both periods.