The profit and loss statement of Treadwell Ltd.., an S corporation, shows $265,000 book income.Treadwell is owned equally by four shareholders. From supplemental data, you obtain the followinginformation about items that are included in book income.Selling expenses($53,000)Tax-exempt interest income7,950Dividends received23,850§ 1231 gain18,550Depreciation recapture income26,500Net income from passive real estate rentals13,250Long-term capital loss(15,900)Salary paid to owners (each)(31,800)Cost of goods sold(238,500)a. Compute Treadwell's nonseparately stated income or loss for the tax year.b. What would be the share of this year's nonseparately stated income or loss items for Leo Lion, one ofthe Treadwell shareholders?c. What is Leo Lion's share of tax-exempt interest income, if any?

Section 1231 gain: Gain from the sale of a real or depreciable property used in a trade or business…

The profit and loss statement of Treadwell Ltd., an S corporation, shows $265,000 book income. Treadwell is owned equally by four shareholders. From supplemental data, you obtain the following information about items that are included in book income. ($53,000) Selling expenses 7,950 Tax-exempt interest income 23,850 Dividends received § 1231 gain 18,550 26,500 Depreciation recapture income Net income from passive real estate rentals 13,250 (15,900) Long-term capital loss Salary paid to owners (each) (31,800) Cost of goods sold (238,500) a. Compute Treadwell's nonseparately stated income or loss for the tax year. b. What would be the share of this year's nonseparately stated income or loss items for Leo Lion, one of the Treadwell shareholders? c. What is Leo Lion's share of tax-exempt interest income, if any?

The profit and loss statement of Treadwell Ltd., an S corporation, shows $265,000 book income. Treadwell is owned equally by four shareholders. From supplemental data, you obtain the following information about items that are included in book income. ($53,000) Selling expenses 7,950 Tax-exempt interest income 23,850 Dividends received § 1231 gain 18,550 26,500 Depreciation recapture income Net income from passive real estate rentals 13,250 (15,900) Long-term capital loss Salary paid to owners (each) (31,800) Cost of goods sold (238,500) a. Compute Treadwell's nonseparately stated income or loss for the tax year. b. What would be the share of this year's nonseparately stated income or loss items for Leo Lion, one of the Treadwell shareholders? c. What is Leo Lion's share of tax-exempt interest income, if any?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The most recent financial statements for Martin, Inc., are shown here: Sales Costs Taxable income Taxes (21%) Net income Assets Income Statement Total EFN $24,550 -14,730 $93,290 $93,290 $ $9,820 -2,062 $7,758 Balance Sheet Debt Equity Total Assets and costs are proportional to sales. Debt and equity are not. A dividend of $955 was paid, and Martin wishes to maintain a constant payout ratio. Next year's sales are projected to be $29,951. What is the external financing needed? (Do not round intermediate calculations. Round your answer to 2 decimal places.) X Answer is complete but not entirely correct. $33,000 60, 290 $93, 290 12,023.40 x Return to que
Using the Corporated Federal Income Tax Rate (2006), calculate the federal income tax that should be paid by a company that has a gross income of $250,000, expenses of $70,000, and depreciation of $20,000 O a. $22,250 O b. $160,000 Oc $45,650 O d. $62,400
An S corporation earns $4.9 per share before taxes. The corporate tax rate is 35%, the personal tax rate on dividends is 20%, and the personal tax rate on non-dividend income is 39%. What is the total amount of taxes paid if the company pays a $2 dividend? OA. $2.68 OB. $1.91 OC. $1.53 D. $2.29
Income Statement Sections During the current year, Dale Corporation sold a segment of its business at a gain of $378,000 Until it was sold, the segment had a current period operating loss of $135,000. The company had $1,530,000 from continuing operations for the current year. Prepare the lower part of the income statement, beginning with the $1,530,000 income from continuing operations. Follow tax allocation procedures, assuming that all changes in income are subject to a 40% income tax rate. Disregard earnings per share disclosures. (Round all calculations to nearest dollar amount.) Dale Corporation Partial Income Statement Current Year Income from continuing operations Discontinued operations Loss from operations of discontinued segment (net of tax) $ Gain on disposal of discontinued segment (net of tax) Net income $ 81,000 * 81,000 * $ $ 1,530,000 226,800 * 1,676,800 *
Red Corporation has the following transactions for the current year: Gross income from operations: $266,000 Expenses from operations: 372,400 Dividends received from domestic corporations (15% ownership): 159,600 What is Red’s dividends received deduction? Answer: __________ ?
Manji
Provincial Inc. reported the following before-tax income statement items: Operating income $ 700,000 Nonoperating losses (100,000 ) Provincial has a 25% income tax rate. Provincial would report the following amount of income tax expense as a separately stated line item in the income statement:
Please help me with show all calculation thanku
Cop
Dinesh bhai
Subject: acounting
The most recent financial statements for Cardinal, Incorporated, are shown here: Income Statement Balance Sheet Sales $ 23,400 Assets $ 121,000 Debt $ 33,600 Costs 16,300 Equity 87,400 Taxable income $ 7,100 Total $ 121,000 Total $ 121,000 Taxes (25%) 1,775 Net income $ 5,325 Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,610 was paid, and the company wishes to maintain a constant payout ratio. Next year's sales are projected to be $28,400. What is the external financing needed? Multiple Choice $17,581 $15,071 $219,330 $21,346 $16,326