Question
In: Accounting
Murphy Smith has the following stock transactions for 2017. Name Date Purchased Basis Date Sold Sales...
Murphy Smith has the following stock transactions for 2017.
| Name | Date Purchased | Basis | Date Sold | Sales Proceeds |
| Apex Corp. | 1/23/1986 | 7,250 | 7/22/2017 | 4,500 |
| Blue Corp. | 4/20/2017 | 14,000 | 9/13/2017 | 17,500 |
| Coral Corp. | 8/23/2010 | 10,750 | 10/12/2017 | 15,300 |
| Diamond Corp | 5/19/2017 | 5,230 | 10/12/2017 | 12,400 |
| Electric Corp. | 8/20/2017 | 7,300 | 11/14/2017 | 3,500 |
Based on the information in above table, answer the following
questions:
(a) What is Murphy’s net short-term capital gain or loss from these
transactions?
(b) What is Murphy’s net long-term capital gain or loss from these
transactions?
(c) What is Murphy’s net gain or loss from these
transactions?
(d) Based on (a) through (c), complete Murphy’s Schedule D.
ONLY NEED SCHEDULE D*****
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Murphy Smith has the following stock transactions for 2017. Name Date Purchased Basis Date Sold Sales...
Murphy Smith has the following stock transactions for 2017.
Name
Date Purchased
Basis
Date Sold
Sales Proceeds
Apex Corp.
1/23/1986
7,250
7/22/2017
4,500
Blue Corp.
4/20/2017
14,000
9/13/2017
17,500
Coral Corp.
8/23/2010
10,750
10/12/2017
15,300
Diamond Corp
5/19/2017
5,230
10/12/2017
12,400
Electric Corp.
8/20/2017
7,300
11/14/2017
3,500
Based on the information in above table, answer the following
questions: (a) What is Murphy’s net short-term capital gain or loss
from these transactions? (b) What is Murphy’s net long-term capital
gain or...
Murphy Smith has the following stock transactions for 2017. Name Date Purchased Basis Date Sold Sales...
Murphy Smith has the following stock transactions for 2017.
Name
Date Purchased
Basis
Date Sold
Sales Proceeds
Apex Corp.
1/23/1986
7,250
7/22/2017
4,500
Blue Corp.
4/20/2017
14,000
9/13/2017
17,500
Coral Corp.
8/23/2010
10,750
10/12/2017
15,300
Diamond Corp
5/19/2017
5,230
10/12/2017
12,400
Electric Corp.
8/20/2017
7,300
11/14/2017
3,500
Based on the information in above table, answer the following
questions:
(a) What is Murphy’s net short-term capital gain or loss from these
transactions?
(b) What is Murphy’s net long-term capital gain or...
During 2017, Thrasher (a calendar year, accrual basis S corporation) has the following transactions: Sales &nbs
During 2017, Thrasher (a calendar year, accrual basis S
corporation) has the following transactions:
Sales
$1,500,000
Cost of goods sold
900,000
Long-term capital gain 11,000
Short-term capital gain 5,000
Salaries
210,000
Qualified dividends from stock investments 30,000
Rent expense 170,000
Advertising expense
20,000
Interest expense on business loan 15,000
§ 1231 gain 25,000
Organizational expenditures 3,000
Charitable contributions
5,000
Bad debt (trade account receivable deemed to be uncollectible)...
Exercise 2-2 The following A. B. Murphy Company data show purchase and sales transactions for the...
Exercise 2-2
The following A. B. Murphy Company data show purchase and sales
transactions for the month of April. A. B. Murphy uses a perpetual
inventory system.
Date
Activities
Units Purchased
(At Cost)
Units Sold
(At Retail)
1-Apr
Beginning inventory
065 units @ $40/unit
8-Apr
Purchase
225 units @ $45/unit
12-Apr
Sales
235 units @ 75/unit
19-Apr
Purchase
050 units @ $50/unit
23-Apr
Purchase
125 units @ $55/unit 0
27-Apr
Sales
________
95 units @ 80/unit
Totals
465 units
330...
Exercise 2-2 The following A. B. Murphy Company data show purchase and sales transactions for the...
Exercise 2-2
The following A. B. Murphy Company data show purchase and sales
transactions for the month of April. A. B. Murphy uses a perpetual
inventory system.
Date
Activities
Units Purchased
(At Cost)
Units Sold
(At Retail)
1-Apr
Beginning inventory
065 units @ $40/unit
8-Apr
Purchase
225 units @ $45/unit
12-Apr
Sales
235 units @ 75/unit
19-Apr
Purchase
050 units @ $50/unit
23-Apr
Purchase
125 units @ $55/unit 0
27-Apr
Sales
________
95 units @ 80/unit
Totals
465 units
330...
2. During 2017, Tom sold Sears stock for $10,000. The stock was purchased 4 years ago...
2. During 2017, Tom sold Sears stock for $10,000. The stock was
purchased 4 years ago for $13,000. Tom also sold Ford Motor Company
bonds for $35,000. The bonds were purchased 2 months ago for
$30,000. Home Depot stock, purchased 2 years ago for $1,000, was
sold by Tom for $2,500. Calculate Tom’s net gain or loss, and
indicate the nature of the gain or loss. $__________
On October 16, 2017, Smith Company purchased back its own stock. It recorded $1,000,000 as treasury...
On October 16, 2017, Smith Company purchased back its own stock.
It recorded $1,000,000 as treasury stock on its balance sheet. As
of December 31, 2017 (Smith's year end) the company's stock price
is 15% more than it was in October.
Discuss what should be recognized on the 12/31/17 financial
statements and discuss and relevants GAAP concepts.
In the following various property transactions in 2018, determine the basis of property sold, as wells...
In the following various property transactions in 2018,
determine the basis of property sold, as wells as the amount and
character of gain or loss recognized.
a) On December 15, 2017, Tom received 100 shares of Foster Corp.
as compensation for services. The adjusted basis of the stock was
$4,000, and its fair market value at the time of transfer was
$5,000. Tom sold the stock of February 15, 2018 for $7,500. (Sale
Price: $7,500)
b) On December 15, 2017,...
Sales Tax Transactions Journalize the entries to record the following selected transactions. a. Sold $7,600 of...
Sales Tax Transactions
Journalize the entries to record the following selected
transactions.
a. Sold $7,600 of merchandise on account,
subject to a sales tax of 5%. The cost of the goods sold was
$4,480.
If an amount box does not require an entry, leave it blank.
b. Paid $45,520 to the state sales tax
department for taxes collected.
Murphy Delivery Service completed the following transactions during December 2018
Murphy Delivery Service completed the following transactions during December 2018 Dec.1 Murphy Delivery Service began operations by receiving $ 13,000 cash and Dec. a truck with a fair value of $ 9,000 from Russ Murphy. The business issued Murphy shares of common stock in exchange for this contribution.1 Paid $ 600 cash for a six-month insurance policy. The policy begins December 1 .4 Paid $ 750 cash for office supplies.12 Performed delivery services for a customer and received $ 2,200 cash.15....
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