Robin Corp. had the following in 2020: Taxable Income: $330,000 Federal income tax: $69,300 Interest on state gov't (muni) bond: $5,000 Interest on corporate bond: $10,000 Meals expense (total): $3,000 Key person life insurance premiums: $3,500 Key person life insurance proceeds: $130,000 Ordinary & necessary business expenses $250,000 Dividends (from a less-than-20%-owned US corp.): $35,000 What is Robin Corp's current E&P? Assume that there is no cash surrender value on the life insurance policy?

Robin Corp. had the following in 2020: Taxable Income: $330,000 Federal income tax: $69,300 Interest on state gov't (muni) bond: $5,000 Interest on corporate bond: $10,000 Meals expense (total): $3,000 Key person life insurance premiums: $3,500 Key person life insurance proceeds: $130,000 Ordinary & necessary business expenses $250,000 Dividends (from a less-than-20%-owned US corp.): $35,000 What is Robin Corp's current E&P? Assume that there is no cash surrender value on the life insurance policy?

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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Attleboro Corporation has the following on December 31, 2020. • Eligible Refundable Dividend Tax On Hand account balance of $52,500 ● Taxable income $830,000 • Part 1 taxes payable $350,000 Eligible dividends paid of $240,000 How much is Attleboro's dividend refund for 2020? ● Choose the correct answer. OA. $77,500 OB. $105,000 OC. $62,500 OD. $52,500
Robin Corp. had the following in 2020: Taxable Income: $330,000 Federal income tax: $69,300 Interest on state gov’t (muni) bond: $5,000 Interest on corporate bond: $10,000 Meals expense (total): $3,000 Key person life insurance premiums: $3,500 Key person life insurance proceeds: $130,000 Ordinary & necessary business expenses $250,000 Dividends (from a less-than-20%-owned US corp.): $35,000 What is Robin Corp.’s current E&P? Assume that there is no cash surrender value on the life insurance policy?
100 Willobee Co. reported book income of $21,399,000 for 2023. This number included $1,284,000 of income from exempt municipal bonds. For tax purposes, the company reported $4,622,000 less in depreciation than that reported for GAAP purposes. The company also made tax payments of $3,210,000 during the year. If Willobee Co.'s 2023 tax rate was 30%, what will they report as deferred taxes on their 2023 balance sheet? ( 3) $1,386,600 deferred tax liability $1,771,800 deferred tax liability O $1,771,800 deferred tax asset $1,386,600 deferred tax asset
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[Compatibility Mode] - Word (. FILE HOME INSERT DESIGN PAGE LAYOUT REFERENCES MAILINGS REVIEW VIEW Palatino Linotype - 10.5 - BIU abe X, x Paste 前。 A- ay A- Aa - A A Styles Editing Clipboard Font Paragraph 9. During 2002, the following transactions related to the capital stock of the Buffet-Line Corp. E Styles G occurred: Jan. 7 Declared a P.75 cash dividend on 150,000 shares of preferred stock. Paid dividends on preferred stock. Declared a P.50 cash dividend on 200,000 shares of common stock with a P20 par Feb. 7 March 4 value. Mar. 18 Paid dividends on common stock. June 30 Split common stock 4-for-1. Purchased 12,000 shares of Buffet-Line's own common stock at P32 per share%3; July 9 Sept. 10 Sept. 18 acquisition recorded at cost. Declared a cash dividend of P.40 per share on common stock outstanding. Paid dividends on common stock. PA 13 What total anmount is debited to retained earnings for the transactions above? c. 527,700 d. 614,700 a. 432,300 b. 498,700 PAGE 2 OF 4 859 WORDS…