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. Calculate the State X apportionment factor for Sharon Incorporated, Carol Corporation, Josey Corporation, and Janice Corporation Sharon Carol Josey Janice State X Apportionment factors

. Calculate the State X apportionment factor for Sharon Incorporated, Carol Corporation, Josey Corporation, and Janice Corporation Sharon Carol Josey Janice State X Apportionment factors

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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a. Calculate the State X apportionment factor for Sharon Incorporated, Carol Corporation, Josey Corporation, and Janice Corporation Sharon Carol Josey Janice State X Apportionment factors
Transcribed Image Text:a. Calculate the State X apportionment factor for Sharon Incorporated, Carol Corporation, Josey Corporation, and Janice Corporation Sharon Carol Josey Janice State X Apportionment factors
Sharon Incorporated is headquartered in State X and owns 100 percent of Carol Corporation, Josey Corporation, and Janice Corporation, which form a single unitary group. Assume sales operations are within the solicitation bounds of Public Law 86-272. Each of the corporations has operations in the following states: Domicile State Dividend income Business income Sales: State X Sales: State Y Sales: State Z Sales: State A Sales State B Property: State X Property: State Y Property: State Z Property: State A Payroll: State X Payroll: State Y Payroll: State Z Payroll: State A Sharon Carol Josey Incorporated Corporation Corporation State X State Y State Z (throwback) (throwback) (nonthrowback) $ 1,830 $ 525 $ 595 46,500 78,500 29,300 16,900 69,500 65,750 14,500 43,250 18,500 52,500 20,200 21,600 86,500 17,900 55,250 14,200 14,300 6,850 39,750 40,500 6,200 Janice Corporation State Z (nonthrowback) $ 530 19,500 16,100 14,500 18,400 12,200 20,750 15,400 19,400 Compute the following for State X assuming a tax rate of 15 percent. Note: Use an equally weighted three-factor apportionment. Round all apportionment factors to 4 decimal places. Round other answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. a. Calculate the State X apportionment factor for Sharon Incorporated, Carol Corporation, Josey Corporation, and Janice Corporation
Transcribed Image Text:Sharon Incorporated is headquartered in State X and owns 100 percent of Carol Corporation, Josey Corporation, and Janice Corporation, which form a single unitary group. Assume sales operations are within the solicitation bounds of Public Law 86-272. Each of the corporations has operations in the following states: Domicile State Dividend income Business income Sales: State X Sales: State Y Sales: State Z Sales: State A Sales State B Property: State X Property: State Y Property: State Z Property: State A Payroll: State X Payroll: State Y Payroll: State Z Payroll: State A Sharon Carol Josey Incorporated Corporation Corporation State X State Y State Z (throwback) (throwback) (nonthrowback) $ 1,830 $ 525 $ 595 46,500 78,500 29,300 16,900 69,500 65,750 14,500 43,250 18,500 52,500 20,200 21,600 86,500 17,900 55,250 14,200 14,300 6,850 39,750 40,500 6,200 Janice Corporation State Z (nonthrowback) $ 530 19,500 16,100 14,500 18,400 12,200 20,750 15,400 19,400 Compute the following for State X assuming a tax rate of 15 percent. Note: Use an equally weighted three-factor apportionment. Round all apportionment factors to 4 decimal places. Round other answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. a. Calculate the State X apportionment factor for Sharon Incorporated, Carol Corporation, Josey Corporation, and Janice Corporation
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