4. Sharlene purchases 280 shares of SJS Corporation common stock at ₱6,400 per share. A few months later, she sells the shares at ₱7,000. Her stockbroker charges 4.9% commission on round lots and 5.6% on odd lots. Calculate the following: a. Total cost b. Proceeds c. Gain or loss on the transaction

4. Sharlene purchases 280 shares of SJS Corporation common stock at ₱6,400 per share. A few months later, she sells the shares at ₱7,000. Her stockbroker charges 4.9% commission on round lots and 5.6% on odd lots. Calculate the following: a. Total cost b. Proceeds c. Gain or loss on the transaction

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter11: Property Dispositions

Section: Chapter Questions

Problem 30P

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Sharlene purchases 280 shares of SJS Corporation common stock at ₱6,400 per share. A few monthslater, she sells the shares at ₱7,000. Her stockbroker charges 9% commission on round lots and 5.6% on odd lots. Calculate the following: Totalcost Proceeds Gain or loss on thetransaction
Millet purchases 340 shares of De Leon Company common stock at ₱5,230 per share. A few monthslater, she sells the shares at ₱6,100. Her stockbroker charges 3% commission on round lots and 4.9% on odd lots. Compute for the following: Totalcost Proceeds Gain or loss on thetransaction
3. Millet purchases 340 shares of De Leon Company common stock at ₱5,230 per share. A few months later, she sells the shares at ₱6,100. Her stockbroker charges 4.3% commission on round lots and 4.9% on odd lots. Compute for the following: a. Total cost b. Proceeds c. Gain or loss on the transaction
Ryan Neal bought 1,400 shares of Ford at $15.92 per share. Assume a commission of 2% of the purchase price. Ryan sells the stock for $20.23 with the same 2% commission rate. What is the gain or loss for Ryan?
Aisha Knox paid a total of $1,500 for 75 shares of stock. He sold the stock for $22.50 a share and paid a sales commission of $49.00. What is the profit or loss from the sale?
Jeeper purchased 400 shares of the GST Company common stock at P4,890.00 per share. A few months later, he sold the shares at P3,500.00, His stockbroker charges 4.3% commission on round lots and 4.6% on odd lots. Compute a. total cost, n. the proceeds, and c. the gain or loss on the transactions.
Mary owns 5, 000 shares of stocks from Inter-Pacific Company. The shares were purchased at ₱47.45 per share and were sold at the closing price of ₱48.59. How much is the profit (loss) on the sale of the stock? a. ₱5, 800 b. ₱5, 600 c. ₱5, 700 d. ₱5, 500
Mr. Chavez purchased 4000 shares of DITO CME at Php5.4 per share and the broker charged 1.5% of the BUY transaction. After 1 month, the market price increased to Php14.2 per share. Then, Mr. Chavez decided to sell all his 4000 shares at Php14.2 per share and the broker charged 1.5% of the SELL transaction. How much did Mr. Chavez gain? a. Php33,567.00 b. Php34,024.00 c. Php40,274.00 d. Php65,879.00
Distribution of Profits and Losses: 3. Bunag, Belen, and Bustos are partners in an accounting firm. Their capital account balances at year-end were P180,000, P220,000, and P100,000, respectively. They share profits and losses on a 4:4:2, ratio respectively, after considering the following terms: a. Bustos is to receive a bonus of 10% of profit after deducting bonus b. Interest of 10% shall be paid on that portion of a partner's capital in excess of P200,000. c. Salaries of P20,000 and P24,000 shall be paid to partners Bunag and Bustos, respectively. Assuming a profit of P220,000 for the year. REQUIRED: Prepare the following: A. Profit or Loss Distribution Table B. Corresponding JOURNAL ENTRY to distribute profit or loss
3. Bunag, Belen, and Bustos are partners in an accounting firm. Their capital account balances at year-end were P180,000, P220,000, and P100,000, respectively. They share profits and losses on a 4:4:2, ratio respectively, after considering the following terms: a. Bustos is to receive a bonus of 10% of profit after deducting bonus b. Interest of 10% shall be paid on that portion of a partner’s capital in excessof P200,000. c. Salaries of P20,000 and P24,000 shall be paid to partners Bunag and Bustos,respectively. Assuming a profit of P220,000 for the year. REQUIRED: Prepare the following:A. Profit or Loss Distribution TableB. Corresponding JOURNAL ENTRY to distribute profit or loss
d. 6. Partners Manalo and Capuno receive an interest allowance of P100,000 and P150,000, respectively, and divide the remaining profits and losses in a 3:1 ratio. If the company sustained a loss of P110,000 during the year, what is the effect on Manalo's capital? a. P82,500 decrease b. P120,000 decrease C. P170,000 decrease d. P105,000 decrease
Partners Dan, Han and Pan, operating a computer store, shares profit and loss on a ratio of 4:4:3. Allocation of profit is in the following manner: a. Salaries of P 20,000, P25,000 and P15,000 respectively b. Han receives a bonus of 5% for the first P500,000 after the salaries are deducted and 10% in excess of P500,000. c. Balance of the profit is divided according to their ratio. Partnership income for the year amounted to P1,356,000. What is the total amount of bonus received by Han? What is the share in the partnership income did Pan received? What is the share in the partnership income did Han received? What is the share in the partnership income did Dan received?