Sharon Incorporated is headquartered in State X and owns 100 percent of Carol Corporation, JoseyCorporation, and Janice Corporation, which form a single unitary group. Assume sales operations are withinthe solicitation bounds of Public Law 86-272. Each of the corporations has operations in the following states:DomicileStateDividendincomeBusinessincomeSales:State XSales:State YSales:State ZSales:State ASales:State BProperty:State XProperty:State YProperty:State ZProperty:State APayroll:State XPayroll:State YPayroll:State ZPayroll:State ASharonCarolJoseyIncorporated Corporation CorporationState X State YState Z(throwback) (throwback) (nonthrowback)$ 1,490$ 525$ 58046,25015,50059,75020,30060,50075,20021,90015,90060,00065,00012,30028,40093,50015,50055,75013,40012,5007,85028,00043,5003, 150JaniceCorporationState Z(nonthrowback)$ 48515,70018,60012,50011,70014, 20025,50011,10010, 200Compute 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 decimalplaces. Round other answers to the nearest whole dollar amount. Leave no answer blank. Enter zero ifapplicable. c. Calculate the taxable income for State X for each company.State XtaxableincomeSharonCarolJoseyJanice

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 Sharon Carol Josey Incorporated Corporation Corporation State Y State Z Janice Corporation State Z State X (throwback) (throwback) (nonthrowback) (nonthrowback) $ 1,490 $ 525 $ 580 $ 485 46,250 15,700 15,500 18,600 59,750 20,300 60,500 75,200 21,900 15,900 60,000 65,000 12,300 28,400 93,500 15,500 55,750 13,400 12,500 7,850 28,000 43,500 3,150 Payroll: State A Compute the following for State X assuming a tax rate of 15 percent. 12,500 11,700 14,200 25,500 11,100 10,200

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 Sharon Carol Josey Incorporated Corporation Corporation State Y State Z Janice Corporation State Z State X (throwback) (throwback) (nonthrowback) (nonthrowback) $ 1,490 $ 525 $ 580 $ 485 46,250 15,700 15,500 18,600 59,750 20,300 60,500 75,200 21,900 15,900 60,000 65,000 12,300 28,400 93,500 15,500 55,750 13,400 12,500 7,850 28,000 43,500 3,150 Payroll: State A Compute the following for State X assuming a tax rate of 15 percent. 12,500 11,700 14,200 25,500 11,100 10,200

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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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 Sharon Carol Josey Incorporated Corporation Corporation State X State Y State Z (throwback) (throwback) (nonthrowback) $ 1,830 $ 525 $ 595 46,500 78,500 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 14,200 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 Compute the following for State X…
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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 Sharon Carol Josey Incorporated Corporation Corporation State X State Y State Z (throwback) (throwback) (nonthrowback) $ 525 $ 595 $ 1,830 46,500 78,500 Business Income 29,300 16,900 69,500 State X 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 14,200 14,300 6,850 39,750 40,500 6,200 Janice Corporation State Z (nonthrowback) $ 530 19,500…
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