How would the answer to '4' above change if:a) the ACB of shares for Mr. Cauzone was $1,000, rather than $7,000?b) the CSOH balance was $nil, not $5,000? QuestionMr. Cauzone decided to wind-up his Company on 12/31/21. After selling all assets andsettling all liabilities, there's S122,000 of Cash left in the Company. Mr. Cauzone ownsall the shares of the Company with ACB of $7,000. He has come to you for advice andprovided the following balances:PUCCSOHCDAGRIP$2,000$5,000$48,000$24,000Assuming Mr. Cauzone has no other income, calculate his Federal taxes payable /refundable for 2021, based on above.

Income Tax - Income tax is a type of tax that the government levies on people and businesses that…

Answered: How would the answer to '4' above…

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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Required information The following information applies to the questions displayed below.) Sun Corporation received a charter that authorized the issuance of 80,000 shares of $7 par common stock and 19,000 shares of $100 par, 5 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 Jan. 5 Bold 12,000 whares of the $7 par common atock for $9 par share. 12 Bold 1,900 sharen of the 5 perceat preferred stoek for $110 per share. Apr. 5 Bold 16,000 uhares of the $7 par common stock for $11 per share. Dec.31 During the year, earned 5312, 500 in cash revenun and paid $236,100 for cash opersting expenann. 31 Declared the canh đividend on the outatanding aharea of preferred atock tor Year 1. the dividend will be paid on February 15 to atoekholders of record on January 10, Year 2. Year 2 Feb.15 Paid the cash dividend declared on December 31, Year 1. Mar. 3 Sold 2, 850 shares of the $100 par preferred stoek for $120…
What are the journal entries for the following 3 transactions?
3. Please help me to answer this completely. Thank you.
Mr. Cauzone decided to wind-up his Company on 12/31/22. After selling all assets and settling all liabilities, there's $122,000 of Cash left in the Company. Mr. Cauzone owns all the shares of the Company with ACB of $7,000. He has come to you for advice and provided the following balances: PUC $2,000 CSOH $5,000 CDA $48,000 GRIP $24,000 Assuming Mr. Cauzone has no other income, calculate his Federal taxes payable / refundable for 2022, based on above.
E15.7 (LO 2) (Effect of Treasury Stock Transactions on Financials) Joe Dumars Company has outstanding 40,000 shares of $5 par common stock which had been issued at $30 per share. Joe Dumars then entered into the following transactions. 1. Purchased 5,000 treasury shares at $45 per share. 2. Resold 2,000 of the treasury shares at $49 per share. 3. Resold 500 of the treasury shares at $40 per share. Instructions Use the following code to indicate the effect each of the three transactions has on the financial statement categories listed in the table below, assuming Joe Dumars Company uses the cost method (I = Increase; D = Decrease; NE = No effect). %3D %3D Stockholders' Paid-in Retained Net Assets Liabilities Equity Сapital Earnings Income 1 2 %23 3.
A corporation, which had 30,900 shares of common stock outstanding, declared a 5-for-1 stock split.
A corporation, which had 24,900 shares of common stock outstanding, declared a 5-for-1 stock split. a. What will be the number of shares outstanding after the split?fill in the blank 53e95dfc6067fb6_1 shares b. If the common stock had a market price of $150 per share before the stock split, what would be an approximate market price per share after the split?$fill in the blank 53e95dfc6067fb6_2 per share c. Journalize the entry to record the stock split. If no entry is required, type "No Entry" and leave the amount boxes blank. No Entry fill in the blank 58010d03701507a_2 fill in the blank 58010d03701507a_3 No Entry fill in the blank 58010d03701507a_5 fill in the blank 58010d03701507a_6

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How would the answer to '4' above change if: a) the ACB of shares for Mr. Cauzone was $1,000, rather than $7,000? b) the CSOH balance was $nil, not $5,000?