Sharon Incorporated is headquartered in State X and owns 100 percent of Carol Corporation, Josey Corporation, and Janice Corporation, which form a single unitary group. Assume sales operations are within the solicitation bounds of Public Law 86-272. Each of the corporations has operations in the following states: Domicile State Sharon Carol Josey Incorporated Corporation Corporation State X State Y (throwback) State z (throwback) (nonthrowback) $ 1,830 $ 595 $ 525 46,500 14, 200 78,500 Dividend income Business income Sales: State X Sales: State Y Sales: State Z Sales: State A Sales: State B Property: State X Property: State Y Property: State Z Property: State A Payroll: State x Payroll: State Y Payroll: State Z Payroll: State A Compute the following for State X assuming a tax rate of 15 percent. 29, 300 16,900 69,500 65,750 14,500 43,250 18,500 52,500 20, 200 21,600 86,500 17,900 55,250 14,300 6,850 39,750 40,500 6,200 Janice Corporation State z (nonthrowback) $ 530 19,500 16,100 14,500 18,400 12,200 20,750 15,400 19,400
Sharon Incorporated is headquartered in State X and owns 100 percent of Carol Corporation, Josey Corporation, and Janice Corporation, which form a single unitary group. Assume sales operations are within the solicitation bounds of Public Law 86-272. Each of the corporations has operations in the following states: Domicile State Sharon Carol Josey Incorporated Corporation Corporation State X State Y (throwback) State z (throwback) (nonthrowback) $ 1,830 $ 595 $ 525 46,500 14, 200 78,500 Dividend income Business income Sales: State X Sales: State Y Sales: State Z Sales: State A Sales: State B Property: State X Property: State Y Property: State Z Property: State A Payroll: State x Payroll: State Y Payroll: State Z Payroll: State A Compute the following for State X assuming a tax rate of 15 percent. 29, 300 16,900 69,500 65,750 14,500 43,250 18,500 52,500 20, 200 21,600 86,500 17,900 55,250 14,300 6,850 39,750 40,500 6,200 Janice Corporation State z (nonthrowback) $ 530 19,500 16,100 14,500 18,400 12,200 20,750 15,400 19,400
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
[The following information applies to the questions displayed below.]
Sharon Incorporated is headquartered in State X and owns 100 percent of Carol Corporation, Josey Corporation, and
Janice Corporation, which form a single unitary group. Assume sales operations are within the solicitation bounds of Public
Law 86-272. Each of the corporations has operations in the following states:
Domicile State
Dividend income
Business income
Sales: State X
Sales: State Y
Sales: State Z
Sales: State A
Sales: State B
Property: State X
Property: State Y
Property: State Z
Property: State A
Payroll: State x
Payroll: State Y
Payroll: State Z
Payroll: State A
Business Income
Carol
Sharon
Josey
Incorporated Corporation Corporation
State X
State Y
State Z
(throwback) (throwback) (nonthrowback)
$1,830
$ 525
$ 595
14, 200
46,500
78,500
State X
$ 72,150
29,300
16,900
69,500
65,750
14,500
b. Calculate the business income apportioned to State X.
43,250
18,500
52,500
20, 200
21,600
86,500
17,900
55, 250
14,300
6,850
39,750
40,500
6,200
Janice
Corporation
State z
(nonthrowback)
$530
19,500
16,100
14,500
18,400
12, 200
Compute the following for State X assuming a tax rate of 15 percent.
Note: Use an equally weighted three-factor apportionment. Round all apportionment factors to 4 decimal places.
Round other answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.
20,750
15,400
19,400](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0ba9a53b-55f9-4172-a80d-cee6ac31f4d2%2F00a8a346-871f-4afe-86c5-ff8edf67c2d0%2Fittgfd_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Sharon Incorporated is headquartered in State X and owns 100 percent of Carol Corporation, Josey Corporation, and
Janice Corporation, which form a single unitary group. Assume sales operations are within the solicitation bounds of Public
Law 86-272. Each of the corporations has operations in the following states:
Domicile State
Dividend income
Business income
Sales: State X
Sales: State Y
Sales: State Z
Sales: State A
Sales: State B
Property: State X
Property: State Y
Property: State Z
Property: State A
Payroll: State x
Payroll: State Y
Payroll: State Z
Payroll: State A
Business Income
Carol
Sharon
Josey
Incorporated Corporation Corporation
State X
State Y
State Z
(throwback) (throwback) (nonthrowback)
$1,830
$ 525
$ 595
14, 200
46,500
78,500
State X
$ 72,150
29,300
16,900
69,500
65,750
14,500
b. Calculate the business income apportioned to State X.
43,250
18,500
52,500
20, 200
21,600
86,500
17,900
55, 250
14,300
6,850
39,750
40,500
6,200
Janice
Corporation
State z
(nonthrowback)
$530
19,500
16,100
14,500
18,400
12, 200
Compute the following for State X assuming a tax rate of 15 percent.
Note: Use an equally weighted three-factor apportionment. Round all apportionment factors to 4 decimal places.
Round other answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.
20,750
15,400
19,400
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