Emery Inc had a $5 million gross income, operating expenses of $1 million, paid $1 million interest on $10 million borrowed, and paid a dividend of $0.50 million. Emery's Inc taxable income is: a. 4 million b. 3 million c. 3.5 million d. 2.5 million
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- During 20X5, X co. had the following income and expenses: Gross income from operations $3,000,000 Business expenses <1,400,000> Dividends received from Y co. (32% owned by X co.) 400,000 Capital gains 150,000 Capital loss carry forward <183,000> Net operating loss carry forward <25,000> a. Determine X co.’s dividends received deduction in 20X5? b. Determine X co.’s dividends received deduction in 20X5 assuming that there was no NOL carry forward and X co.’s business expenses were: (i) $3,050,000 or (ii) $3,200,000The Rogers Corporation has a gross profit of $1,012,000 and $459,000 in amortization expense. The Evans Corporation has $1,012,000 in gross profit, with $170,000 in amortization expense. Selling and administrative expense is $131,000 for each company. a. Given that the tax rate is 40 percent, compute the cash flow for both companies. Cash flow Rogers $ Evans $ b. What is the difference in cash flow between the two firms? Difference in cash flow1. Solomon, Inc. paid $215 in dividends and $507 in interest expense. The addition to retained earnings is $418. The tax rate is 35%. Sales are $15,900 and depreciation is $680. What is EBT?
- During the current year, Sparrow Corporation, a calendar year C corporation, had operating income of $425,000, operating expenses of $280,000, a short-term capital loss of $10,000, and a long-term capital gain of $25,000. How much is Sparrow's income tax liability for the year? a. $33,600 b. $32,700 c. $45,650 Od. $62,400The profit and loss statement of Kitsch Ltd., an S corporation, shows $100,000 book income. Kitsch is owned equally by four shareholders. From supplemental data, you obtain the following information about items that are included in book income. Selling expenses Tax-exempt interest income Dividends received ($21,200) 3,000 9,000 § 1231 gain 7,000 Depreciation recapture income 11,000 Net income from passive real estate rentals 5,000 Long-term capital loss (6,000) Salary paid to owners (each) (12,000) Cost of goods sold (91,000) a. Compute Kitsch's nonseparately stated income or loss for the tax year. The entity's nonseparately stated is $ b. What would be the share of this year's nonseparately stated income or loss items for James Billings, one of the Kitsch shareholders? c. What is James Billings' share of tax-exempt interest income, if any? Round your answer to the nearest dollar. Is the income taxable to him this year?The profit and loss statement of Treadwell Ltd.., an S corporation, shows $265,000 book income. Treadwell is owned equally by four shareholders. From supplemental data, you obtain the following information about items that are included in book income. Selling expenses ($53,000) Tax-exempt interest income 7,950 Dividends received 23,850 § 1231 gain 18,550 Depreciation recapture income 26,500 Net income from passive real estate rentals 13,250 Long-term capital loss (15,900) Salary paid to owners (each) (31,800) Cost of goods sold (238,500) a. Compute Treadwell's nonseparately stated income or loss for the tax year. b. What would be the share of this year's nonseparately stated income or loss items for Leo Lion, one of the Treadwell shareholders? c. What is Leo Lion's share of tax-exempt interest income, if any?
- Price Corporation, Bucek Corporation, and Askews Corporation have the following income and expenses for the year. Assume that each corporation owns between 20% and 80% of any dividend paying corporation. Calculate each corporation's dividend received deduction ("DRD"). Askews Corp. Price Corp. Bucek Corp. Operating Income 2,550,000 2,550,000 2,550,000 Operating Expenses (2,700,000) (2,650,000) (2,575,000) Dividends Received 200,000 190,000 232,000 Step 1: Step 2: Step 3: DRDA & E Holdings' profit and loss statement showed a net income of 934% of revenue or $29,250. Twenty percent of net income was paid in corporation tax and 75% of the net income after-tax was paid out as dividends to Alice and Emile, who share in the ratio 5 to 3. (a) What was the revenue of A & E Holdings? (b) How much was the after-tax income? (c) How much was paid out in dividends? (d) What percent of net income did Alice receive as a dividend?Maxwell Corporation reports the following results: Gross income from operations Dividends received from 18%-owned domestic corporation Expenses Maxwell's dividends-received deduction is [Subject:- General Account] $ 80,000 60,000 1,00,000
- Estimate the gross income for Bling Enterprises, which reports a CFAT of $2.5 million, $900,000 in expenses, $900,000 in depreciation charges, and has an effective tax rate of 26.4%.Please help meTrevi Corporation recently reported an EBITDA of $32,800 and $9,500 of net income. The company has $6,700 interest expense, and the corporate tax rate is 35 percent. What was the company’s depreciation and amortization expense? Round to the nearest cent.