Answer to Question #256077 in Accounting for Sky

Question

An investor purchased 534 shares of common stock $24 par for $26,166 subsequently 92 shares were sold for $27 per share what is the amount of gain or loss on the sale

Answer 1

Sales proceeds of shares$=92\times27=\$2484$

less: cost of shares$=92shares \times 26166/534per \space share=92\times 49=\$4508$

Gain on sale of shares$=4508-2484=\$2024$