what is capital gains and capital losses in canada? and how does it work?
Q: Turtle Inc., purchased as a long-term investment S80 million of 8% bonds, dated January 1, on…
A: A long-term investment refers to the act of committing funds to an asset or financial instrument…
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A: A promissory note is a legal document that contains the written promise made by the issuer. The…
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A: Return on Assets is calculated by dividing the operating income by the average total assets. It…
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A: Dividend refers to a reward, cash or otherwise, that a company gives to its shareholders. Dividends…
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A: Dividends are payments made by a corporation to its shareholders. They represent a distribution of a…
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A: Contribution Format Income statement: In this format of income statement, the variable expenses and…
Q: The following correctly prepared entries without explanations pertain to Corners Corporation. Event…
A: Treasury shares represent the own shares bought back by a company. These shares may then be reissued…
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A: Material Price Variance = ( Standard Price - Actual Price ) x Actual QuantityMaterial Quantity…
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A: Gross margin represents the percentage of revenue that exceeds the cost of goods sold (COGS). It is…
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A: The budget is prepared to estimate the requirements for the future period. The production budget is…
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A: A Net Operating Loss (NOL) refers to a financial accounting concept that occurs when a company's…
Q: - All of his income is salary from his employer. Assume his modified AGI is $570,000.
A: An individual's or business's taxable income is multiplied by the applicable tax rates to determine…
Q: Required 1. Prepare a Level 1 analysis of the September performance. 2. Prepare a Level 2 analysis…
A: A Flexible budget serves as a financial strategy capable of accommodating fluctuations in…
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A: The bonds are reported as the long-term liabilities in the balance sheet. The bonds are issued to…
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A: Contribution margin is a crucial metric for evaluating the profitability of specific goods or…
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A: Conversion costs are those costs which are incurred by manufacturing companies when converting raw…
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A: Accounting software issues relate to problems, challenges, or difficulties that druggies may…
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A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…
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A: The concept of a company's life cycle refers to the various stages that a business goes through over…
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A: Common stock indicates the ownership portion of shareholders over the company. The company needs to…
Q: Current Attempt in Progress Tamarisk Company is considering the purchase of a new machine. The…
A: A financial metric called the annual rate of return (ARR) is used to evaluate the profitability of…
Q: At December 31, the records of Kozmetsky Corporation provided the following selected and incomplete…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
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A: A bond is a borrowing security issued by a company to raise funds from the market by making an…
Q: who is the vendor for interest payable
A: Lets understand the basics.When entity needs funds to run the business then they generally borrow…
Q: The following picture is correctly prepared entries without explanations that pertain to Corners…
A: Treasury stock represent purchase of own stock by a company. The shares so acquire may be reissued…
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A: Lets understand the basics.Plan assets are the assets/investments held by a long-term employee…
Q: Exercise 11-30 (Algo) Impairment; property, plant, and equipment [LO11-8] General Optic Corporation…
A: Impairment lossThe impairment loss for an asset (whether it is a tangible asset or intangible asset)…
Q: Radar Company sells bikes for $500 each. The company currently sells 4,200 bikes per year and could…
A: Incremental analysis :— It is one of the analysis which shows the comparison between two different…
Q: Nerf Mania reports net income of $500,000, net sales of $4,000,000, and average assets of…
A: The objective of this question is to calculate the Return on Assets (ROA) for Nerf Mania. ROA is a…
Q: Required: 1. Prepare the journal entry to record the acquisition of the tractor. 2. How much…
A: As per IFRS, 'Financial Instruments' financial liabilities should be recorded initially at their…
Q: The following information concerning actual results is available from Hamburg, Incorporated: Sales…
A: Profit variance analysis report shows the variances between actual, flexible and master budget of a…
Q: Sandhill Industries collected $105,000 from customers in 2022. Of the amount collected, $25,700 was…
A: Under the cash basis of accounting, expenses are recorded in books of account when cash paid and…
Q: planning of tax-related matters. It goes beyond the basic recording of financial transactions,…
A: Income Tax:Income tax is a primary focus of tax accounting. Individuals and businesses are required…
Q: Prepare a statement as of June 30, 20X5, showing how cash will be distributed among partners as it…
A: Partnership refers to the agreement between two or more than two persons or entity who agrees to…
Q: Accounting conventions play a pivotal role in the world of financial reporting, providing a set of…
A: Accounting conventions are the set of guidelines that help a business entity in recording financial…
Q: As a financial analyst of Bintang Bulan Berhad, you are required to analyse the company's financial…
A: The question is related to Ratio Analysis. Ratio is the relationship between financial variables of…
Q: A sales budget is given below for one of the products manufactured by the Key Company. 27,000 units…
A: The budget is prepared to estimate the requirements for the future period. The production budget is…
Q: Great North Waters produces the highest quality bottled water in the country. The company purchases…
A: The conversion cost indicates the cost incurred by the entity in converting the raw material into…
Q: The major objectives of control are guard against frauds in data entry/processing check clerical…
A: Lets understand the basics.Control is a part of internal control system which speaks about rules and…
Q: On January 1, 2024, Nath-Langstrom Services, Incorporated, a computer software training firm, leased…
A: Journal entry is an art of recording , classifying and summarizing the business transactions into…
Q: Swifty Corporation's post-closing trial balance at December 31, 2025, is as follows. SWIFTY…
A: Stockholder's Equity includes the amount contributed by shareholders in the form of common stock,…
Q: MAGLIOCHETTI MOVING CORP. Statement of Earnings Statement of Financial Position For the Period…
A: Journal entries in accounting are a documentation of the financial dealings that a company has…
Q: Current Attempt in Progress Carla Vista Company expects to produce 1,200,000 units of product XX in…
A: Variable Cost :— It is the cost that changes with change in activity of cost driver. Variable cost…
Q: Mia works in both the jewelry department and the cosmetics department of a retail store. She assists…
A: Cost Allocation:Cost allocation is the process of identifying and assigning costs to activities.…
Q: Selected financial data from the June 30 year-end statements of Safford Company are given below:…
A: The question is related to Ratio Analysis. The Return on Total Assets is calculated with the help of…
Q: Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2023). In 2023, her…
A: An employer's contributions made through a SEP plan are held in a regular IRA known as a SEP IRA.…
Q: Vaughn Company borrowed $31,200 on November 1, 2025, by signing a $31,200, 9%, 3-month note. Prepare…
A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…
Q: Payback, Accounting Rate of Return, Net Present Value, Internal Rate of Return Blaylock Company…
A: Payback period is the time period in which original investment amount can be recovered. This is one…
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A: Sales mix refers to the proportionate combination of various products or services a company sells,…
Q: The T-account showing the manufacturing overhead activity for Davis Corp. for 2024 is as follows: K…
A: Actual manufacturing overhead is the amount of indirect manufacturing cost incurred in the…
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