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
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posting in general account
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5ca4c5f9-299a-4e05-a540-f9985e678438%2F0dbce8ad-ddc7-4f0a-85be-a1c927d59486%2Fl16mcad_processed.jpeg&w=3840&q=75)
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- 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 1,00,000expert solve it. Subject:- general accountgeneral account questions
- The following are the composition of the total gross income of a domestic corporation which is subject to MCIT: sales (net of discount and allowances) 4,000,000.00 less: cost of sales 2,400,000.00 gross income dividends income 1,600,000.00 100,000.00 royalty income gain on sale of building total gross income 250,000.00 150,000.00 2,100,000.00 1. What is the regular corporate income tax, if the corporation has a total allowable deduction of 1,700,000? 2. What is the MCIT? 3. What is the minimum corporate income tax? MPG institute reported the following: related unrelated total 200,000.00 500,000.00 300,000.00 100,000.00 100,000.00 200,000.00 Gross income deductions taxable income 200,000.00 100,000.00 300,000.00 1. What is the tax due if the corporation is an exempt non-profit corporation? 2. Wht is the tax due if the corporation is a proprietary educational institution or non profit hospital?Oversees Corporation reported the following income and expense items for the year: Gross receipts from sales $70,000 Dividends received from 18% owned domestic corporation $50, 000 Expenses connected with sales 40, 000 The taxable income of Island Corporation isA Corp., a domestic corporation, has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P120,000Compute the optional standard deduction. a. P366,000 b. P364,500 c. P280,000 d. P244,000
- During the current year, The Jupiter Company, which is an S corporation, had the following items of income andexpenses: Income:Gross income from operations $150,000Interest income 5,000Qualified dividend income from investments 800Deductions:Compensation of Officers 67,000State taxes 5,000Short-Term Capital Loss 6,000Employee benefits 3,500Contribution to Pet Haven 1,000Interest 3,000Distributions to the shareholders 75,000a. Calculate the net ordinary income.b. List all the other items which must be separately reported.c. If the S corporation is on a calendar year, when is the corporation’s tax return due?An entity provided the following net of tax figures for the current year: Net income 7,700,000 Net remeasurement loss on defined benefit plan 300,000 Unrealized gain on FA@FVOCI 1,500,000 Reclassification adjustment for gain on sale of 250,000 FA@FVOCI included in the net income Share warrants outstanding 400,000 Cumulative effect of change in accounting 500,000 policy - credit Interest revenue 100,000 Equity in associate's earnings 300,000 Prior period error - underdepreciation 200,000 What is the comprehensive income for the current year? A. 8,650,000 B. 8,900,000 C. 8,950,000 D. 9,050,000Carter Corporation reports the following for the current taxable year: Gross income from operations $660,000 Dividends from 25%-owned corporation $300,000 Operating expenses $700,000 What is Carter’s taxable income?
- General AccountingCrane and Loon Corporations, two unrelated C corporations, have the following transactions for the current year. Gross income from operations Expenses from operations Dividends received from domestic corporations (15% ownership) Crane Loon $193,500 $309,600 270,900 325,080 116,100 232,200 Click here to access the dividends received deduction table. a. Compute the dividends received deduction for Crane Corporation. $ b. Compute the dividends received deduction for Loon Corporation. $Arriba and its 80 percent-owned subsidiary (Abajo) reported the following figures for the year ending December 31, 2021 (credit balances indicated by parentheses). Abajo paid dividends of $34,000 during this period. Abajo $(340,000) 158,800 68,000 Arriba $(680,000) 340,000 197,200 (27,200) Sales Cost of goods sold Operating expenses Dividend income Net income $(170,000) $(113,200) In 2020, intra-entity gross profits of $34,000 on upstream transfers of $102,000 were deferred into 2021. In 2021 intra-entity gross profits of $45,200 on upstream transfers of $124,400 were deferred into 2022. a. What amounts appear for each line in a consolidated income statement for the year ending December 31, 2021? b. What income tax expense should appear on the consolidated income statement if each company files a separate return? Assume that the tax rate is 21 percent.
