Slim Fast Corporation, a calendar year C Corporation, is formed and begins business on April 1, 2015. Slim Fast incurs the following transactions in connection with the formation of the business: Organizational expenditures of $54,000 How much deduction will Slim Fast Corporation be able to take as organizational expenditures for 2015?
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- Check my answer. Cherry Corporation, a calendar year C corporation, is formed and begins business on April 1, 2020. In connection with its formation, Cherry incurs organizational expenditures of $54,000. Determine Cherry Corporation’s deduction for organizational expenditures for 2020 Section 248 allows Cherry corporation to take an immediate deduction of $5,000 for organizational expenditures and amortized the remaining balance over 180 months beginning with the month in which the business begins. Since Cherry Corp’s organization expenditures exceed $50,000 section 248 also requires an immediate dollar for dollar reduction for the amount over $50,000. 54,000-50,000=4,000 immediate phase out reduction, 5,000-4,000=1,000, remaining available immediate deduction. 54,000-1000=53,000/180month=294.44 There are 9 months of operation in 2020 =294.44*9=2649.96+1000=3649.96 total deduction or $3650In its first year of operations corporation Lauzer has the following results for the year: Gross income from operations $700,000 operating deductible expenses (200,000) short term capital gains 5,000 short term capital losses (14,000) long term capital gains 8,000 long term capital losses 3,000 What is the corporation's taxable income for the year?The following information is available for CANDY GH, a limited liability company:Statement of Profit or Loss and Other Comprehensive Income for the Year Ended 31st December, 2020 GH¢ Revenue7,659 Cost of sales(5,442) Gross profit2,217 Operating expenses(1,167) Operating profit1,050 Interest expenses(150) Operating before tax900 Tax expense(420) Net profit transferred to reserve480 Statement of Financial Position as at 31st December: 2020 2015 GH¢ GH¢ ASSETS Noncurrent assets Property, Plant & Equipment Cost2,160 1,785 Accumulated depreciation (1,020) (870) Carrying value1,140 915 Intangible assets750 600 Investment propertiesNil 75 Current assets1,776 1,254 Inventory450 306 Receivables1,170 945 Cash156 3 Total assets3,666 2,844 EQUITY AND LIABILITIES Equity Stated capital1,380 1,173 Retained earnings780 540 Noncurrent liabilities510 150 12% Debenture510 150 Current liabilities Trade payable381 357 Bank overdraft255 294 Taxation360 330 Equity and…
- Urgency Medical Centre Inc. (UMC), a publicly traded entity, began operations in 2015and reports according to IFRS. Relevant information related to UMC’s 2020 financial results are as follows: Statement of comprehensive incomeFor the year ended December 31, 2020Revenue $50,000,000Expenses 38,000,000Income from continuing operations before taxes 12,000,000Income tax expense (30%) (3,600,000)Net income $ 8,400,000Additional information: • At January 1, 2020, UMC had 2,000,000 common shares outstanding and 10,000 $2 cumulative preference shares outstanding.• On January 2, 2020, UMC issued 6,000 cumulative preference shares at $100 per share, entitling the shareholder to dividends of $3 per share per year. At the option of the holder, each preference share can be converted into two common shares at any time after July 1, 2021.• On July 1, 2020, UMC declared a two-for-one stock split on common shares.• On August 1, 2020, UMC issued 10,000 common shares for $15 each.• As part of the purchase…Hawkeye Corporation starts business on April 2, 2023. The corporation reports startup expenditures of $64,000 all incurred in the prior year. Determine the total amount that Hawkeye Corporation can elect to deduct in 2023. O a. $0 O b. $3,200 O c. $4,267 O d. $7,950The following information appeared in the annual financial statements of Hitashi Projects Limited:Statement of Comprehensive Income for the year ended 31 December 2019RRevenue 1 250 000Direct costs (786 000)Gross profit 464 000Operating expenses (124 000)Operating profit 340 000Interest expense (15 000)Profit before tax 325 000Income tax (97 500)Profit after tax 227 500Statement of Financial Position as at 31 December 2019Assets RNon-current assets 314 000Current assets 386 000Total assets 700 000Equity and liabilitiesShareholders’ equity 350 000Non-current liabilities 205 000Current liabilities 145 000Total equity and liabilities 700 000Note• Current assets (R386 000) include accounts receivable of R160 000, inventories of R80000 and cash of R146 000.• Inventories as at 31 December 2018 amounted to R130 000.• Current liabilities comprise accounts payable only.• All direct costs and revenues are on credit.Required:Calculate the following ratios using the information provided above.…
- XYZ is a calendar-year corporation that began business on January 1, 2023. For the year, it reported the following information in its current-year audited income statement. Notes with important tax information are provided below. Use Exhibit 16-6. XYZ corporation Income statement For current year Book Income Revenue from sales $ 40,000,000 Cost of Goods Sold (27,000,000) Gross profit $ 13,000,000 Other income: Income from investment in corporate stock 300,0001Footnote 1 Interest income 20,0002Footnote 2 Capital gains (losses) (4,000) Gain or loss from disposition of fixed assets 3,0003Footnote 3 Miscellaneous income 50,000 Gross Income $ 13,369,000 Expenses: Compensation (7,500,000)4Footnote 4 Stock option compensation (200,000)5Footnote 5 Advertising (1,350,000) Repairs and Maintenance (75,000) Rent expense (22,000) Bad Debt expense (41,000)6Footnote 6 Depreciation (1,400,000)7Footnote 7 Warranty expenses (70,000)8(70,000) to the…XYZ is a calendar-year corporation that began business on January 1, 2022. For the year, it reported the following information in its current-year audited income statement. Notes with important tax information are provided below. Use Exhibit 16-6. XYZ corporation Income statement For current year Book Income Revenue from sales $ 40,000,000 Cost of Goods Sold (27,000,000) Gross profit $ 13,000,000 Other income: Income from investment in corporate stock 300,0001 Interest income 20,0002 Capital gains (losses) (4,000) Gain or loss from disposition of fixed assets 3,0003 Miscellaneous income 50,000 Gross Income $ 13,369,000 Expenses: Compensation (7,500,000)4 Stock option compensation (200,000)5 Advertising (1,350,000) Repairs and Maintenance (75,000) Rent (22,000) Bad Debt expense (41,000)6 Depreciation (1,400,000)7 Warranty expenses (70,000)8 Charitable donations (500,000)9 Meals (all from restaurants) (18,000) Goodwill impairment…The following information relates to Sandhill Corporation's transactions during 2023, its first year of operations. 1. 2. 3. 4. 5. 6. Income before income tax on the income statement for 2023 was $56,000. Income before income tax ($56,000 above) is net of a loss due to the writedown of land of $48,000. Sandhill reported a tax-deductible financing charge of $6,300 on its 2023 statement of retained earnings. The charge is for interest on a financial instrument that is legally debt, but in substance is equity for financial reporting purposes. The tax rate enacted for 2023 and future years is 30%. Because this was Sandhill's first taxation year, no instalments on account of income taxes were required or paid by Sandhill. Differences between the 2023 GAAP amounts and their treatment for tax purposes were as follows: a. Warranty expense accrued for financial reporting purposes amounted to $16,000. Warranty payments deducted for taxes amounted to $12,800. Warranty liabilities were classified…
- Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________Grevilla Corporation is a manufacturing company. The corporation has accumulated earnings of $950,000, and it can establish reasonable needs for $400,000 of that amount. Calculate the amount of the accumulated earnings tax (if any) that Grevilla Corporation is subject to for this year. $_____________On 1 July 2017, Bright Star Ltd was incorporated. The accounting profit and other relevant information of Bright Star for the two years to 2019 are as follows: 2019 2018 Profit before tax $4 500 000 $3 600 000 Warranty expense — 1500 000 Depreciation expense – machinery 60 000 60 000 Gain on sale of machinery for accounting — — Warranty paid 750 000 — Tax depreciation – machinery 90 000 90 000 Gain on sale of machinery for tax — — Provision for warranty – carrying amount 750 000 1500 000 Provision for warranty – tax base — — Machinery – carrying amount 180 000 240 000 Machinery – tax base 120 000 210 000 The company tax…