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 Y State Z (throwback) (throwback) (nonthrowback) State X $ 730 $ 325 Dividend income Business income Sales: State X Sales: State Y Sales: State 2 ate 2 Sales: State A Sales A Sales: State B b Property: State X Property: State Y Property: State Z Property: State A hope 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. $ 1,270 50,200 83,000 29,400 12,800 67,500 64,750 12,800 47,000 11,000 41,000 27,900 20,500 92,250 12,200 47,500 17,600 19,400 7,300 22,500 36,500 7,200 Janice Corporation State Z (nonthrowback) $ 585 11,700 15,500 18,500 10,800 15,300 24,750 19,100 16,800
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 Y State Z (throwback) (throwback) (nonthrowback) State X $ 730 $ 325 Dividend income Business income Sales: State X Sales: State Y Sales: State 2 ate 2 Sales: State A Sales A Sales: State B b Property: State X Property: State Y Property: State Z Property: State A hope 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. $ 1,270 50,200 83,000 29,400 12,800 67,500 64,750 12,800 47,000 11,000 41,000 27,900 20,500 92,250 12,200 47,500 17,600 19,400 7,300 22,500 36,500 7,200 Janice Corporation State Z (nonthrowback) $ 585 11,700 15,500 18,500 10,800 15,300 24,750 19,100 16,800
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Oo.202.
Subject :- Account
![Required information
[The following information applies to the questions displayed below]
1
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
Janice
Dividend income
Business income
Sales: State X
Sales: State Y
Sala
Sales: State Z
Sales: State A
Sales: State B
Propert State
Property: State
X
Proper
Property: State
Propert
State Y
Property: State Z
Property: State
A
Payroll: State x
Payroll: State Y
Payroll: State Z
Payroll: State A
Sharon
Carol
Josey
Incorporated Corporation Corporation
State X
State Y
State Z
(throwback) (throwback) (nonthrowback)
$ 1,270
$ 730
$ 325
50,200
83,000
29,400
12,800
67,500
State X
Apportionment
factors
64,750
12,800
47,000
11,000
41,000
27,900
20,500
92,250
12,200
47,500
17,600
19,409
7,399
22,500
36,500
7,200
Janice
Corporation
State Z
(nonthrowback)
$ 585
11,700
15,500
18,500
10,800
15,300
24,750
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.
a. Calculate the State X apportionment factor for Sharon Incorporated, Carol Corporation, Josey Corporation, and Janice Corporation
19,100
16,800](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5a79f5fd-2bdd-484b-9c0d-a83d48b55247%2F72f02eb6-9748-45e2-b91e-d4f1513b11ac%2F0i4c69_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below]
1
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
Janice
Dividend income
Business income
Sales: State X
Sales: State Y
Sala
Sales: State Z
Sales: State A
Sales: State B
Propert State
Property: State
X
Proper
Property: State
Propert
State Y
Property: State Z
Property: State
A
Payroll: State x
Payroll: State Y
Payroll: State Z
Payroll: State A
Sharon
Carol
Josey
Incorporated Corporation Corporation
State X
State Y
State Z
(throwback) (throwback) (nonthrowback)
$ 1,270
$ 730
$ 325
50,200
83,000
29,400
12,800
67,500
State X
Apportionment
factors
64,750
12,800
47,000
11,000
41,000
27,900
20,500
92,250
12,200
47,500
17,600
19,409
7,399
22,500
36,500
7,200
Janice
Corporation
State Z
(nonthrowback)
$ 585
11,700
15,500
18,500
10,800
15,300
24,750
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.
a. Calculate the State X apportionment factor for Sharon Incorporated, Carol Corporation, Josey Corporation, and Janice Corporation
19,100
16,800
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