Expert find out answer Question:(Cost Account) 9-50Island Corporation has the following income and expense items for theyear.Gross receipts from salesDividends received from 15%-owned domestic corporationExpenses connected with salesThe taxable income of Island Corporation is$ 60,00040,00030,000

Step 1: Calculate Taxable Income from SalesGross receipts from sales: $60,000Expenses connected with…

Answered: Question:(Cost Account) 9-50 Island…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

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Chapter24: Multistate Corporate Taxation

Section: Chapter Questions

Problem 34P

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se Print Item Exercise 16-5 (Algorithmic) (LO. 6) Beckett Corporation has nexus with States A and B. Apportionable income for the year totals $885,000. Beckett's apportionment factors the year use the following data. Compute Beckett's B taxable income for the year; B uses a three-factor apportionment formula with a double-weighted sales factor. State A State B Total Sales $1,062,000 $637,200 $1,699,200 Property $177,000 $0 $177,000 Payroll $265,500 $265,500 Do not round any division. Round your final answer to the nearest dollar. 69
Beckett Corporation has nexus with States A and B. Apportionable income for the year totals $1,185,000. Beckett's apportionment factors for the year use the following data. State A State B Totals Sales $1,422,000 $853,200 $2,275,200 Property $237,000 $0 $237,000 Payroll $355,500 $0 $355,500 State B uses a three factor apportionment formula with a double-weighted sales factor. Do not round any division. Round your final answer to the nearest dollar. Compute Beckett's B taxable income for the year? $fill in the blank 1
vi. Subject :- Accounting
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TB MC Qu. 16-106 (Algo) Jester Corporation's most recent income statement... Jester Corporation's most recent income statement appears below: Income Statement Sales (all on account) Cost of goods sold Gross margin Selling and administrative expense Net operating income Interest expense Net income before taxes Income taxes (30%) Net income $ 230,000 105,000 125,000 37,000 88,000 19,000 69,000 20,700 $ 48,300 The beginning balance of total assets was $230,000 and the ending balance was $223,000. The return on total assets is closest Multiple Choice 30.5% O 27.2% O 38.9% 21.3%
Subject: accounting
What is the MCIT of ABC Corporation? P21,000 P42,000 P17,500 P16,000
The Weymire Corporation provides you with the following information for the year ended 123120: Sales revenue 450,000 Cost of goods sold 120,000 Gross margin 330,000 Depreciation expense Pension expense Other expense Interest expense 72,750 28,500 38,250 4,500 Gain on the sale of equipme (3,000) Income tax expense 97,500 238,500 Net Income 91.500 12/31/19 |12/31/20 54,000 Cash 24,000 Accounts Receivable 75,000 70,500 Inventory 124,500 126,000 Equipment 127,500 123,000 (9,000) 342.000 Accumulated Depreciation (10,500) 363.000 Total Accounts Payable 54,000 69,000 Income Taxes Payable 99,000 72,000 Interest Payable 3,000 1,500 Notes Payable, long term Accrued Pension Liability 45,000 6,000 3,000 Deferred Tax Liability 21,000 27,000 Common Stock, no par 105,000 120,000 Retained Earnings 9.000 70,500 Total 342.000 363.000 Additional information: Equipment costing $73,500 was sold. New equipment was purchased, and $15,000 of common stock was issued in partial payment for the new equipment.…
FGH Corporation had the following in 2021: Sales P 3.4M; Cost of sales P 1.2M; Admin expense P 0.3M; Selling expenses P .5M; other taxable income from operations P .1M. What is deductible expense if the company uses OSD?* a. 920,000 b. 1,360,000 c. 880,000 d. 800,000 Using the problem above, what is the income tax payable?* a. 330,000 b. 375,000 c. 575,000 d. 525,000
Question 1:- Brodsky's Corporation had net sales of 2600000, Sales discounts 45000, cost of goods sold 1440000, Notes receivable 115000, A/R 15000, other expenses 100000, administrative expenses 206000, with drawls 47000, selling expenses 280000, and interest expense 29000, other revenues 500000 . Brodsky's tax rate is 30%. R/Prepare income statement for the year ended December 31, 2014.
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Question:(Cost Account) 9-50 Island Corporation has the following income and expense items for the year. Gross receipts from sales Dividends received from 15%-owned domestic corporation Expenses connected with sales The taxable income of Island Corporation is $ 60,000 40,000 30,000