Marjorie corporations ”total” reasonable business needs for 2021 was $320,000. Marjorie corporation accumulated earnings and profits ( E & P) at the beginning of 2021 was $210,000 ( including consideration for the dividends listed below) Marjorie Corporation also had the following information for 2021: Taxable income $350000: federal income tax $119,000 : dividends received ( less than 20% owned domestic corporation $ 100,000 : Cash dividends paid in 2021 $ 40,000: dividends paid January 31 2022 $ 20,000: Consent dividends $ 10,000: Excess charitable contribution $ 16,000. Net capital loss adjustment $ 8000. The Accumulated taxable income for purpose of the Accumulated Earnings Tax for Marjorie’s Corporation for the year of 2021 is 1.$97000 2 $90000 3 $110000 4 $100000 Answer is $97,000 please explain this how 2. Marjorie corporations ”total” reasonable business needs for 2021 was $320,000. Marjorie corporation accumulated earnings and profits ( E & P) at the beginning of 2021 was $210,000 ( including consideration for the dividends listed below) Marjorie Corporation also had the following information for 2021: Taxable income $350000: federal income tax $119,000 : dividends received ( less than 20% owned domestic corporation $ 100,000 : Cash dividends paid in 2021 $ 40,000: dividends paid January 31 2022 $ 20,000: Consent dividends $ 10,000: Excess charitable contribution $ 16,000. Net capital loss adjustment $ 8000. The Accumulated Earnings Tax for Marjorie Corporation for the year of 2021 is 1 $100000 2 $40000 3 $20000 4 $19400 Answer is $ 19400 please explain how?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

1. Marjorie corporations ”total” reasonable business needs for 2021 was $320,000. Marjorie corporation accumulated earnings and profits ( E & P) at the beginning of 2021 was $210,000 ( including consideration for the dividends listed below) Marjorie Corporation also had the following information for 2021: Taxable income $350000: federal income tax $119,000 : dividends received ( less than 20% owned domestic corporation $ 100,000 : Cash dividends paid in 2021 $ 40,000: dividends paid January 31 2022 $ 20,000: Consent dividends $ 10,000: Excess charitable contribution $ 16,000. Net capital loss adjustment $ 8000. The Accumulated taxable income for purpose of the Accumulated Earnings Tax for Marjorie’s Corporation for the year of 2021 is

1.$97000

2 $90000

3 $110000

4 $100000

Answer is $97,000 please explain this how

2. Marjorie corporations ”total” reasonable business needs for 2021 was $320,000. Marjorie corporation accumulated earnings and profits ( E & P) at the beginning of 2021 was $210,000 ( including consideration for the dividends listed below) Marjorie Corporation also had the following information for 2021: Taxable income $350000: federal income tax $119,000 : dividends received ( less than 20% owned domestic corporation $ 100,000 : Cash dividends paid in 2021 $ 40,000: dividends paid January 31 2022 $ 20,000: Consent dividends $ 10,000: Excess charitable contribution $ 16,000. Net capital loss adjustment $ 8000. The Accumulated Earnings Tax for Marjorie Corporation for the year of 2021 is

1 $100000

2 $40000

3 $20000

4 $19400

Answer is $ 19400 please explain how?

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions