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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general account questions
![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%2F6edbd5b9-db2d-495f-9c6f-bb66cd0f22da%2F7103bc7c-d16b-437a-9a06-a504e65e9b7c%2F9ldh4v7_processed.jpeg&w=3840&q=75)
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- 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 isDuring 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?
- Carter 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. $
- Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________the income statement of x ltd for the year ended was as follows: net sales 4032000, cost of sales 3168000, depreciation 96000, salaries and wages 384000, opex 128000, provision for taxation 140800, net operating profit 11520. compute net profit before working capital changesE. An entity reported the following assets and liabilities at year-end: Carrying Amount Tax BaseProperty 10,000,000 7,000,000Plant and equipment 5,000,000 4,000,000Inventory 3,000,000 4,000,000Accounts receivable 2,500,000 3,000,000Liabilities 6,000,000 5,500,000The entity had made a provision for inventory obsolescence of P1,000,000. Further, an impairment loss against accounts receivable of P500,000 has been made. The tax rate is 25%.1. What amount should be reported as deferred tax liability?2. What amount should be reported as deferred tax asset?
- CShsiger-ne tolowing income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Staternent Sales $48,800 34,800 Costs Taxable income Taxes (22%) Net income $14,000 3,080 $10,920 Dividends Addition to retained earnings 8,403 $ 2,517 The balance sheet for the Heir Jordan Corporation follows HEIR JORDAN CORPORATION Balance Sheet Assets Liabilities and Owners' Equity Current assets Cash Accounts receivable Current liabilities 2,650 Accounts payable $ 2,400 3,600 Notes payable 5,300 $ 7,700 24,000 Common stock and paid-in surplus 18,000 Inventory 9,000 Total Total s 15,250 Long-term debt Owners' equity Fixed assets Net plant and equipment 38,400 Retained earnings 3,950 $ 21,950 53,650 Total liabilities and owners' equity 53,50 Total Total assets Prepare a pro forma balance sheet assuming an increase in sales of 12 percent, no new external debt and a constant payout ratio (Do not round intermediate calculations and round you answers to 2 decimal places, e.g., 32.16.)true and best answer wanted. subj. AccountCrane and Loon Corporations, two unrelated C corporations, have the following transactions for the current year. Crane Loon Gross income from operations $283,500 $453,600 Expenses from operations 396,900 476,280 Dividends received from domestic corporations (15% ownership) 170,100 340,200 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.
