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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- What is Ant Inc. taxable income?What is the taxable income of this financial accounting question?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) $3,200,000
- The 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. $62,400
- The 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?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
- Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales $ 43,500 Cost 34,100 Taxable income $ 9,400 Taxes (24%) 2,256 Net income $ 7,144 Dividends $ 2,515 Addition to retained earnings 4,629 The balance sheet for the Heir Jordan Corporation follows. HEIR JORDAN CORPORATION Balance Sheet Assets Liabilities and Owners’ Equity Current assets Current liabilities Cash $ 2,550 Accounts payable $ 2,400 Accounts receivable 3,800 Notes payable 5,100 Inventory 9,000 Total $ 7,500 Total $ 15,350 Long-term debt $ 24,000 Owners’ equity Fixed assets Common stock and paid-in surplus $ 16,000 Net plant and equipment $ 38,000 Retained earnings 5,850 Total $ 21,850 Total assets $ 53,350 Total liabilities and owners’ equity $ 53,350 Prepare a…General Account QuestionsConsider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATIONIncome Statement Sales $ 42,900 Costs 33,900 Taxable income $ 9,000 Taxes (21%) 1,890 Net income $ 7,110 Dividends $ 2,509 Addition to retained earnings 4,601 The balance sheet for the Heir Jordan Corporation follows. HEIR JORDAN CORPORATIONBalance Sheet Assets Liabilities and Owners’ Equity Current assets Current liabilities Cash $ 2,250 Accounts payable $ 4,000 Accounts receivable 5,100 Notes payable 8,000 Inventory 8,000 Total $ 12,000 Total $ 15,350 Long-term debt $ 22,000 Owners’ equity Fixed assets Common stock and…
