Required information Problem 9-56 (LO 9-2) (Static) [The following information applies to the questions displayed below] Renee operates a proprietorship selling collectibles over the Web This year, Renee's business reported revenue of $95.5 million and deducted $88.6 million in expenses and loss carryovers Her business deductions included cost of goods sold of $48.5 million, sales commissions paid of $16 9 million, $10.5 million of interest paid on a mortgage, $107 million of depreciation, and $2 million deduction for a net operating loss carryover. Problem 9-56 Part-a (Static) a. What is Renee's adjusted taxable income for purposes of calculating the limitation on business interest expense? Note: Do not round intermediate calculations. Enter your answer in millions of dollars rounded to 1 decimal place. Adjusted Taxable Income milion

Required information Problem 9-56 (LO 9-2) (Static) [The following information applies to the questions displayed below] Renee operates a proprietorship selling collectibles over the Web This year, Renee's business reported revenue of $95.5 million and deducted $88.6 million in expenses and loss carryovers Her business deductions included cost of goods sold of $48.5 million, sales commissions paid of $16 9 million, $10.5 million of interest paid on a mortgage, $107 million of depreciation, and $2 million deduction for a net operating loss carryover. Problem 9-56 Part-a (Static) a. What is Renee's adjusted taxable income for purposes of calculating the limitation on business interest expense? Note: Do not round intermediate calculations. Enter your answer in millions of dollars rounded to 1 decimal place. Adjusted Taxable Income milion

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. Ligtas Carrier, a common carrier by land, provides the following average gross annual receipts: Transport of passengers P10,000,000Transport of cargoes 6,000,000Sale of goods during travels 1,000,000How much is the estimated average business tax per quarter? 2. Mrs. Diana Zubiri is the operator of Price Hotel and Restaurant. The restaurant is open to the public. The food and soft drinks served to the hotel guest come also from the restaurant. The following data are for the first quarter of 2028: Gross receipts - room rentals P154,000; Gross receipts - foods/softdrinks served to hotel guests 46,000; Gross receipts foods/soltdrinks from other customer 360,000.The business taxes due and payable on the gross receipts of the first quarter of 2028 is 3. Pro-life Insurance collected P100,000 from Ramanac Amin, a Muslim national residing In Saudi Arabia. How much is the percentage tax to be remitted by Pro-life to the BIR?
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Financial update as of June 15 • Your existing business generates $135,000 in EBIT. • The corporate tax rate applicable to your business is 25%. • The depreciation expense reported in the financial statements is $25,714. • You don’t need to spend any money for new equipment in your existing cafés; however, you do need $20,250 of additional cash. • You also need to purchase $10,800 in additional supplies—such as tableclothes and napkins, and more formal tableware—on credit. • It is also estimated that your accruals, including taxes and wages payable, will increase by $6,750. Based on your evaluation you have______in free cash flow.
Analyze Deere & Company Deere & Company (DE) manufactures and distributes farm and construction machinery that it sells around the world. In addition to its manufacturing operations, Deere's credit division loans money to customers to finance the purchase of their farm and construction equipment. The following information is available for three recent years (in millions except per-share amounts): Year 3 Year 2 Year 1 Net income (loss) $1,523.9 $1,940.0 $3,161.7 Preferred dividends $ 0.00 $ 763.7 $ 680.0 $ 664.0 $ 0.00 $0.00 Interest expense Shares outstanding for computing earnings per share 315 334 363 Cash dividend per share $ 2.40 $ 2.40 $ 2.22 $ 57,965 $ 59,642 $ 60,429 $ 6,644 $ 7,912 $ 9,667 $ 92.03 $ 81.10 $ 85.58 Average total assets Average stockholders' equity Average stock price per share 1. Calculate the following ratios for each year (Round ratios and percentages to one decimal place, except for per-share amounts. Round per-share amounts to two decimal places.): Year 3…
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Sew it Seams carries on a retail business as a sole proprietor in Alberta which is a non-participating province. The Quick Method remittance rates are 1.8% for businesses that purchase goods for resale and 3.6% for service providers. During the first quarter of the year, the business has taxable sales of $63,400. Current expenses on which the GST was paid total $26,275. Due to numerous burglaries, Sew it Seams spends $44,900 on a sophisticated security system. All of these amounts are before the inclusion of GST. The system is being amortized over five years on a straight line basis for accounting purposes. The store is used exclusively for the sale of taxable supplies (e.g. merchandise). Compare the GST payable using the regular method applicable to GST calculations with the amount that would be payable using the Quick Method. Please show all your work and calculations.
Why are the following items listed as a DR? Aren't they CR accounts? Exp;enses are CR accounts aren't they since they reduce assets? Income Statement Sales and Labor Revenue $1,592,430Cost of Goods $762,200Gross Profit $ 830,230 Operating Expenses:Salary Expense $337,425Depreciation Expense $44,500 Tax Expense $30,200Insurance Expense $22,000Office Expense $3,050Miscellaneous Expense $9,730Total Expenses $446,905 $383,325
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Gary Amin carries on a successful collectibles business as a sole proprietor. His business Income statement for the year is as follows: Revenue Expenses: Lease payments on store displays Insurance premiums (this year and next) Photocopier/printer Amortization (straight line 5 yrs) Hurricanes tickets to take out clients Life Insurance for business loan Salary expense Income tax estimate Total expenses Net Income $3,000 $ 4,000 $15,000 $3,000 $2,000 $1,000 $40,000 $20,000 $150,000 $ 88,000 $ 62,000 Note 1 - Photocopier/printer purchased in current year, Class 8 (20%) Note 2 - $35,000 of the salary expense was for Gary (the owner) Note 3 - Inventory sold for $12,000 that cost $8,000. Only 25% of the money has been collected in the current year Required: Calculate Business Net Income for Tax purposes