Radnor Corporation reports the following results for the current year:Gross profits on sales $135,000Long-term capital loss $ 15,000Short-term capital loss $4,000Dividends from 60% owned domestic corporation $20,000Operating expenses $ 55,000Charitable contributions $15,000What are Radnor's taxable income and income tax liability?What carrybacks and carryovers are available? If any?

Taxable income is part of your gross income that the IRS deems subject to taxes. It comprises both…

Answered: Radnor Corporation reports the…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter18: Comparative Forms Of Doing Business

Section: Chapter Questions

Problem 16P

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Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.
Assume that a corporation has $100,000 of taxable income from operations plus $5,000 of interest income and $10,000 of dividend income. What is the company’s federal tax liability?
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
Rhodes Corporations financial statements are shown after part f. Suppose the federal-plus-state tax corporate tax is 25%. Answer the following questions. a. What is the net operating profit after taxes (NOPAT) for 2020? b. What are the amounts of net operating working capital for both years? c. What are the amounts of total net operating capital for both years? d. What is the free cash flow for 2020? e. What is the ROIC for 2020? f. How much of the FCF did Rhodes use for each of the following purposes: after-tax interest, net debt repayments, dividends, net stock repurchases, and net purchases of short-term investments? (Hint: Remember that a net use can be negative.) Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars)
Westwind Corporation reports the following results for the current year: Gross profit on sales $250,000 Long-term capital gain 25,000 Long-term capital loss 10,000 Short-term capital gain 7,500 Short-term capital loss 12,500 Operating expenses 80,000 What are Westwind's taxable income and regular tax liability before credits for the current year?
Randal Corporation reports the following results for the current year: Gross profits on sales 81,000 Short-term capital gain 75,000 Long-term capital gain 10,000 Dividends from 25%-owned domestic corporation 25,000 NOL carryover from the preceding tax year 2,000 Operating expenses 90,000 Requirement: What are Randal's taxable income and income tax liability? Step 1. Begin by computing Randal's taxable income before special deductions, then calculate the taxable income. Step 2. Compute Randal's income tax liability
Radnor Corporation reports the following results for the current year: Gross profits on sales $135,000 Long-term capital loss $ 15,000 Short-term capital loss $ 4,000 Dividends from 60% owned domestic corporation $20,000 Operating expenses $ 55,000 Charitable contributions $15,000 What are Radnor’s taxable income and income tax liability?
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A domestic corporation had the following cumulative data in a year: 1st Qtr 2nd Qtr 3rd Qtr Year Gross Income P400,000 P800,000 1,000,000 P1,200,000 Expenses and Losses 200,000 420,000 600,000 720,000 REQUIRED: Compute for the Taxable Income if: The corporation chose the itemized deductions in the return for the first quarter? The corporation did not file a return for the 1st quarter? The corporation chose the Optional Standard Deduction for the first quarter?
In year k, the before-tax cash flow of a corporation is $513,422. During year k, the expense is $112,274. The depreciation is $5,003. The effective income tax rate is 24%. What is the ATCF for this year?
What is the income tax due using a 21 % federal income tax rate for a corporation with the following data: Gross income from sales: $40,000,000 Accumulated expenses for the year: $6,000,000 Depreciation charges for the year: $4,000,000
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