Homework Answers
| ans b | |||
| Economic income | $420 | ||
| Amount included in gross income | 420 | ||
| profit on sale of stock+dividend received | |||
| (31-29)*140+140 | |||
| Here both economic income and gross income is same as stock is sold | |||
| Economic income includes both realized and unrealized profits | |||
| ans c | |||
| Economic income is | 280 | ||
| 140+((30-29)*140) | |||
| Amount included in gross income | 140 | ||
| its only dividend received as stock is not sold so no gains on it | |||
| If any doubt please comment | |||
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Required information The following information applies to the questions displayed below.) XYZ declared a $1 per...
XYZ declared a $1 per share dividend on August 15. The date of record for the...
XYZ declared a $1 per share dividend on August 15. The date of record for the dividend was September 1 (the stock began selling ex-dividend on September 2). The dividend was paid on September 10. Ellis is a cash-method taxpayer. Determine the economic income and the amount he must include in gross income under the following independent circumstances. a. Ellis bought 180 shares of XYZ stock on August 1 for $37 per share. Ellis received a $180 dividend on September...
Che Required information Problem 5-41 (LO 5-1) [The following information applies to the questions displayed below)...
Che Required information Problem 5-41 (LO 5-1) [The following information applies to the questions displayed below) XYZ declared a $1 per share dividend on August 15. The date of record for the dividend was September 1 (the stock began selling ex-dividend on September 2). The dividend was paid on September 10. Ellis is a cash-method taxpayer. Determine the economic income and the amount he must include in gross income under the following independent circumstances. Problem 5-41 Part-a a. Ellis bought...
Required information The following information applies to the questions displayed below.] The equity sections from Atticus...
Required information The following information applies to the questions displayed below.] The equity sections from Atticus Group's 2016 and 2017 year-end balance sheets follow. Stockholders' Equity (December 31, 2016) Common stock-$4 par value, 100,eee shares authorized, 35,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 140, eee 1ee, eee 340, eee $ 580,000 Stockholders' Equity (December 31, 2017) Common stock-$4 par value, 100,000 shares authorized, 41,400 shares issued, 3,000...
Required information [The following information applies to the questions displayed below.] The equity sections from Atticus...
Required information [The following information applies to the questions displayed below.] The equity sections from Atticus Group's 2016 and 2017 year-end balance sheets follow. Stockholders' Equity (December 31, 2016) Common stock-$4 par value, 100,eee shares authorized, 35,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 140, eee 100, eee 340, eee $ 580,000 Stockholders' Equity (December 31, 2017) Common stock-54 par value, 100,000 shares authorized, 41,400 shares issued, 3,000...
Required information [The following information applies to the questions displayed below.] The equity sections for Atticus...
Required information [The following information applies to the questions displayed below.] The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. Stockholders' Equity (January 1) Common stock-$5 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 200,000 160,000 340,000 $700,000 Stockholders' Equity (December 31) Common stock-$5 par value, 100,000 shares authorized, 47,200...
Required information [The following information applies to the questions displayed below.) The equity sections from Atticus...
Required information [The following information applies to the questions displayed below.) The equity sections from Atticus Group's 2016 and 2017 year-end balance sheets follow. Stockholders' Equity (December 31, 2016) Common stock-$4 par value, 100,eee shares authorized, 35,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 140, eee 1ee, eee 340,000 $ 580, eee Stockholders' Equity (December 31, 2017) Common stock-$4 par value, 100, eee shares authorized, 41, 400 shares...
Required information [The following information applies to the questions displayed below.) Part 5 of 5 The...
Required information [The following information applies to the questions displayed below.) Part 5 of 5 The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. 1.66 points Stockholders' Equity (January 1) Common stock-$4 par value, 100,000 shares authorized, 35,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $140,000 100,000 340,000 $ 580,000 eBook Print Stockholders' Equity (December 31)...
Required information [The following information applies to the questions displayed below.] The equity sections from Atticus...
Required information [The following information applies to the questions displayed below.] The equity sections from Atticus Group's 2016 and 2017 year-end OJ follow. 3 Stockholders' Equity (December 31, 2016) Common STOCK-54 par value, 100,00 Shares authorized, 35,000 shares issued and outstand Paid-in capital in excess of par value, common stock Retained earnings Total stockholders equity + 1ee, eee 90 $ 580, eee Stockholders' Equity (December 31, 2017) Common stock-54 par value, 188, eee shares authorized, 41,400 shares issued, 3,800 shares...
Required information [The following information applies to the questions displayed below.] Part 1 of 5 The...
Required information [The following information applies to the questions displayed below.] Part 1 of 5 The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. .66 points Stockholders' Equity (January 1) Common stock-$4 par value, 100,000 shares authorized, 35,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $140,000 100,000 340,000 $ 580,000 eBook Print Stockholders' Equity (December 31)...
Required information Part 3 of 5 [The following information applies to the questions displayed below.] The...
Required information Part 3 of 5 [The following information applies to the questions displayed below.] The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. 1.66 points Stockholders' Equity (January 1) Common stock-$4 par value, 100,000 shares authorized, 35,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $140,000 100,000 340,000 $580,000 eBook Print Stockholders' Equity (December 31) Common...
Che Required information Problem 5-41 (LO 5-1) [The following information applies to the questions displayed below) XYZ declared a $1 per share dividend on August 15. The date of record for the dividend was September 1 (the stock began selling ex-dividend on September 2). The dividend was paid on September 10. Ellis is a cash-method taxpayer. Determine the economic income and the amount he must include in gross income under the following independent circumstances. Problem 5-41 Part-a a. Ellis bought...
Required information The following information applies to the questions displayed below.] The equity sections from Atticus Group's 2016 and 2017 year-end balance sheets follow. Stockholders' Equity (December 31, 2016) Common stock-$4 par value, 100,eee shares authorized, 35,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 140, eee 1ee, eee 340, eee $ 580,000 Stockholders' Equity (December 31, 2017) Common stock-$4 par value, 100,000 shares authorized, 41,400 shares issued, 3,000...
Required information [The following information applies to the questions displayed below.] The equity sections from Atticus Group's 2016 and 2017 year-end balance sheets follow. Stockholders' Equity (December 31, 2016) Common stock-$4 par value, 100,eee shares authorized, 35,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 140, eee 100, eee 340, eee $ 580,000 Stockholders' Equity (December 31, 2017) Common stock-54 par value, 100,000 shares authorized, 41,400 shares issued, 3,000...
Required information [The following information applies to the questions displayed below.] The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. Stockholders' Equity (January 1) Common stock-$5 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 200,000 160,000 340,000 $700,000 Stockholders' Equity (December 31) Common stock-$5 par value, 100,000 shares authorized, 47,200...
Required information [The following information applies to the questions displayed below.) The equity sections from Atticus Group's 2016 and 2017 year-end balance sheets follow. Stockholders' Equity (December 31, 2016) Common stock-$4 par value, 100,eee shares authorized, 35,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 140, eee 1ee, eee 340,000 $ 580, eee Stockholders' Equity (December 31, 2017) Common stock-$4 par value, 100, eee shares authorized, 41, 400 shares...
Required information [The following information applies to the questions displayed below.) Part 5 of 5 The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. 1.66 points Stockholders' Equity (January 1) Common stock-$4 par value, 100,000 shares authorized, 35,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $140,000 100,000 340,000 $ 580,000 eBook Print Stockholders' Equity (December 31)...
Required information [The following information applies to the questions displayed below.] The equity sections from Atticus Group's 2016 and 2017 year-end OJ follow. 3 Stockholders' Equity (December 31, 2016) Common STOCK-54 par value, 100,00 Shares authorized, 35,000 shares issued and outstand Paid-in capital in excess of par value, common stock Retained earnings Total stockholders equity + 1ee, eee 90 $ 580, eee Stockholders' Equity (December 31, 2017) Common stock-54 par value, 188, eee shares authorized, 41,400 shares issued, 3,800 shares...
Required information [The following information applies to the questions displayed below.] Part 1 of 5 The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. .66 points Stockholders' Equity (January 1) Common stock-$4 par value, 100,000 shares authorized, 35,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $140,000 100,000 340,000 $ 580,000 eBook Print Stockholders' Equity (December 31)...
Required information Part 3 of 5 [The following information applies to the questions displayed below.] The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. 1.66 points Stockholders' Equity (January 1) Common stock-$4 par value, 100,000 shares authorized, 35,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $140,000 100,000 340,000 $580,000 eBook Print Stockholders' Equity (December 31) Common...
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