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 Sharon Carol Josey Incorporated Corporation State X Corporation State Z State Y (throwback) (throwback) (nonthrowback) $ 1,240 $ 375 69,200 93,000 24,800 19,600 65,500 63,500 14,300 $315 42,500 10,900 56,500 28, 200 22,100 102,500 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. 13,000 57,000 16,200 13,400 5,600 27,750 29,250 6,500 Janice Corporation State Z (nonthrowback) $515 17,400 13,500 14,400 14,500 15,700 28,750 11,500 15,100
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 Sharon Carol Josey Incorporated Corporation State X Corporation State Z State Y (throwback) (throwback) (nonthrowback) $ 1,240 $ 375 69,200 93,000 24,800 19,600 65,500 63,500 14,300 $315 42,500 10,900 56,500 28, 200 22,100 102,500 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. 13,000 57,000 16,200 13,400 5,600 27,750 29,250 6,500 Janice Corporation State Z (nonthrowback) $515 17,400 13,500 14,400 14,500 15,700 28,750 11,500 15,100
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
T2.
![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
Sharon
Carol
Incorporated Corporation
State X
(throwback)
$ 1,240
69, 200
93,000
24,800
19,600
65,500
Sharon
Carol
Josey
Janice
63,500
14,300
Josey
Corporation
State Z
State Y
(throwback) (nonthrowback)
$ 315
$ 375
Answer is complete but not entirely correct.
State X
taxable
income
49,152 X
6,444
0
3,380
c. Calculate the taxable income for State X for each company.
42,500
10,900
56,500
28, 200
22,100
102,500
13,000
57,000
16,200
13,400
5,600
27,750
29,250
6,500
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.
Janice
Corporation
State Z
(nonthrowback)
$ 515
17,400
13,500
14,400
14,500
15,700
28,750
11,500
15,100](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7c708cc5-8b73-4d2a-ab81-40cab0e01850%2Fe8f208f9-34b7-47e1-8c9c-0680496edce8%2Fclyq25j_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
Sharon
Carol
Incorporated Corporation
State X
(throwback)
$ 1,240
69, 200
93,000
24,800
19,600
65,500
Sharon
Carol
Josey
Janice
63,500
14,300
Josey
Corporation
State Z
State Y
(throwback) (nonthrowback)
$ 315
$ 375
Answer is complete but not entirely correct.
State X
taxable
income
49,152 X
6,444
0
3,380
c. Calculate the taxable income for State X for each company.
42,500
10,900
56,500
28, 200
22,100
102,500
13,000
57,000
16,200
13,400
5,600
27,750
29,250
6,500
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.
Janice
Corporation
State Z
(nonthrowback)
$ 515
17,400
13,500
14,400
14,500
15,700
28,750
11,500
15,100
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