Corporate income tax) The Robbins Corporation is an of wholesaler The company's sales last year were $1 04 million, with the cost of goods sold equal to $636,000 The firm paid interest of $223,000 and Cash operating expenses were $150,000 Also, the fimm receved $32,000 in dividend income while paying only $14.000 in dividends to its prefented stockholders. Depreciation expense was $150,000 Compute the firm's tax liability by using the corporate tax rate structure in the popup window. Based on your answer, does management need to take any additional action? Calculate the gross profits he gross profits are $ (Round to the nearest dollar) Data table (Cick on the following con in order to copy its contents into a spreadsheet) Corporate Tax Rates 15% 25% 34% 35% $0-$50,000 $50,001-$75.000 $75,001-$10.000.000 over $10,000,000 Additional surtax 5% on income between $100,000 and $335.000 3% on ncome between $15,000 000 and $18.333,333

Corporate income tax) The Robbins Corporation is an of wholesaler The company's sales last year were $1 04 million, with the cost of goods sold equal to $636,000 The firm paid interest of $223,000 and Cash operating expenses were $150,000 Also, the fimm receved $32,000 in dividend income while paying only $14.000 in dividends to its prefented stockholders. Depreciation expense was $150,000 Compute the firm's tax liability by using the corporate tax rate structure in the popup window. Based on your answer, does management need to take any additional action? Calculate the gross profits he gross profits are $ (Round to the nearest dollar) Data table (Cick on the following con in order to copy its contents into a spreadsheet) Corporate Tax Rates 15% 25% 34% 35% $0-$50,000 $50,001-$75.000 $75,001-$10.000.000 over $10,000,000 Additional surtax 5% on income between $100,000 and $335.000 3% on ncome between $15,000 000 and $18.333,333

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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Last year the P.M. Postem corporation had sales of $419,000, with a cost of goods sold of $111,000. The firm’s operating expenses were $126,000, and its increase in retained earnings was $85,700. There are currently 20,000 shares of common stock outstanding, the firm’s pays a $1.63 dividend per share, and the firm has no interest-bearing debt. A. Assuming the firm’s earnings are taxed at 35%, construct the firm’s income statement. Complete the income statement below: round to the nearest dollar Revenues Cost of goods sold Gross profit Operating expenses Net operating income Interest expenses Earnings before taxes Income taxes Net income
Moncton Meats is a corporation that earned $3 per share before it paid any taxes. The firm retained $1 of after-tax earnings for reinvestment, and distributed what remained in dividend payments. You hold 20,000 shares of Moncton Meats in a tax-free savings account. If the corporate tax rate was 30% and dividend earnings were taxed at 20%, what was the value of your dividend earnings received after all taxes are paid?
ABC Corporation provided the following condensed operating report. Sales 2,000,000 Less: Cost of sales 1,200,000 Gross Profit 800,000 Less: Operating Expenses 250,000 Operating Income 550,000 Non-cash expenses included in the above numbers total 500,000. ABC incurred an average of 8% effective interest on its long-term debt amounting to 1,500,000. It is taxed at 35%. Based on the above information, its current free cash flows to the firm is?
(Corporate income tax) G. R. Edwin Inc. had sales of $5.99 million during the past year. The cost of goods sold amounted to $2.9 million. Operating expenses totaled $2.56 million, and interest expense was $21,000. Use the corporate tax rates shown in the popup window, to determine the firm's tax liability. What are the firm's average and marginal tax rates? The firm's tax liability for the year is $. (Round to the nearest dollar.) The firm's average tax rate is %. (Round to two decimal places.) The firm's marginal tax rate is %. (Round to the nearest integer.) 2 W S X mmand 3 20 E D $ 4 C DOO DDD F4 R F % 5 V FS T G 6 B MacBook Air F6 Y & 7 Data table H Over $18,333,333 35% (Click on the icon in order to copy its contents into a spreadsheet) 44 F7 U N Taxable Income $0-$50,000 $50,001-$75,000 $75,001-$100,000 $100,001-$335,000 39% $335.001-$10.000.000 34% $10,000,001-$15,000,000 35% $15,000,001-$18,333,333 38% * 8 J DII 76 - Print 1 M 9 K DE Marginal Tax Rate 15% 25% MOSISO 19 O Done 1…
Broward Manufacturing recently reported the following information: Net income $770,000 ROA 7% Interest expense $292,600 Accounts payable and accruals $1,000,000 Broward's tax rate is 40%. Broward finances with only debt and common equity, so it has no preferred stock. 40% of its total invested capital is debt, while 60% of its total invested capital is common equity. Calculate its basic earning power (BEP), its return on equity (ROE), and its return on invested capital (ROIC). Do not round intermediate calculations. Round your answers to two decimal places. ВЕР % ROE % ROIC
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orking with the income statement) At the end of its third year of operations, the Sandifer Manufacturing Co. had $4,540,000 in revenues, $3,332,000 in cost of goods sold, $455,000 in erating expenses which included depreciation expense of $144,000, and a tax liability equal to 34 percent of the firm's taxable income. Sandifer Manufacturing Co. plans to reinvest $52.000 its earnings back into the firm, What does this plan leave for the payment of a cash dividend to Sandifer's stockholders? Complete the income statement for Sandifer Manufacturing Co.: (Round to the nearest dollar) 4,540,000 3,332,000 Revenues Less: Cost of Goods Sold Less: Operating Expenses- Less: Interest Expense $ Less: Income Taxes $ $ $ Equals: Gross Profit 455,000 Equals: Net Operating income- 이 $ $ $ $ 1,208,000 753,000 Equals: Earings before Taxes 256,020 Equals: Net Income 5 496,080 The amount that the company will be able to pay as a cash dividend is 5 (Round to the nearest dollar) 753,000
Broward Manufacturing recently reported the following information: $507,000 10% Interest expense $187,590 $1,050,000 Accounts payable and accruals Broward's tax rate is 25%. Broward finances with only debt and common equity, so it has no preferred stock. 40% of its total invested capital is debt, and 60% of its total invested capital is common equity. Calculate its basic earning power (BEP), its return on equity (ROE), and its return on invested capital (ROIC). Do not round intermediate calculations. Round your answers to two decimal places. Net income ROA BEP: ROE: ROIC: % % %
Oakdale Fashions, Inc.’s, 2021 income statement is reported below. (Use corporate tax rate of 21 percent for your calculations.) Oakdale Fashions, Inc., Income Statement for 2021 Net sales (all credit) $ 580,000 Less: Cost of goods sold 221,000 Gross profits $ 359,000 Less: Other operating expenses 96,000 EBITDA $ 263,000 Less: Depreciation and amortization 15,600 EBIT $ 247,400 Less: Interest 81,500 EBT $ 165,900 Less: Taxes Net income $ Determine the firm's 2021 tax liability. Tax liability