The Tennyson Family Trust is a discretionary trust that carries on a retail business. It had sales proceeds of $400,000, expenses when operating its business of $230,000 and it received a fully franked cash dividend of $7,000 during the year. What is the net income of the trust for the current year?
Q: The standard materials cost of a product is $40 per unit, based on 10 pounds of raw materials at a…
A: a) The standard cost for materials for JanuaryThe standard cost per unit of product is given as $40,…
Q: Please need answer the general accounting question
A: To determine the full cost of the product for Trellis Manufacturing, we need to include all cost…
Q: Total overhead applied is?
A: Explanation of Machine Hours: Machine hours represent the amount of time that manufacturing…
Q: None
A: We are givenInitial Cost of Car: $26,467Residual Value: $17,194Depreciation: Initial Cost - Residual…
Q: what is the increase in sales? general accounting question
A: Step 1: Define Degree of Operating Leverage (DOL)The Degree of Operating Leverage (DOL) measures the…
Q: Calculate ocf
A: To calculate the operating cash flow (OCF), we can use the following formula: Operating Cash Flow =…
Q: True answer
A: To calculate the Price-to-Earnings (P/E) ratio, we use the formula: P/E Ratio = Market Price per…
Q: Carter, Inc. sold 4,200 units of its product at a price of $79.50 per unit. The total variable cost…
A: The manufacturing margin under variable costing is calculated as follows: 1. Compute Total…
Q: General accounting question
A: Step 1:Calculate the total investment as follows:Total investment = Amount available / Initial…
Q: Financial Accounting
A: To calculate the expected return on the asset using the Capital Asset Pricing Model (CAPM), the…
Q: Prather Corporation uses a job-order costing system with a single plantwide predetermined overhead…
A: Step 1:Predetermined Overhead Rate used to allocate manufacturing overhead cost. It is calculated by…
Q: What markup percentage is the company using ?
A: Running a markup percentage assessment requires knowing both the total revenue amounts and…
Q: How much is the direct materials price variance?
A: Step 1: Definition of Direct Materials Price VarianceThe Direct Materials Price Variance measures…
Q: Give me this question answer
A: To compute the future value (FV) in year 8 of the given deposits using a 10% interest rate, we use…
Q: A company has the following solve this question financial accounting question
A: Step 1: Define Return on Equity (ROE) Using DuPont AnalysisReturn on Equity (ROE) measures a…
Q: ABC Corporation's total quick assets were $5,888,000, its current assets were $11,700,000, and its…
A: Step 1: Understanding the Acid-Test RatioThe acid-test ratio (quick ratio) measures a company's…
Q: Provide correct answer general Accounting question
A: Step 1: Definitions:EPS (Earnings Per Share): Profit per share, calculated as Net Income ÷ Total…
Q: Accurate Answer
A: The question asks for the calculation of net income. Net income, or net earnings, is a key figure…
Q: How much interest did the bank collect for the company ? General accounting
A: Step 1: Definition of Bank ReconciliationBank reconciliation is the process of matching a company's…
Q: Solve this problem Accounting question
A: Step 1: Definitions:Total Sales: The total revenue generated before deducting expenses. It is…
Q: Find correct answer please general accounting
A: Step 1: Definition of Investing ActivitiesInvesting activities include cash inflows and outflows…
Q: None
A: Step 1: Definition of Applied Manufacturing OverheadApplied manufacturing overhead is the estimated…
Q: Find out
A: The correct answer is:Business cycle alignment improves temporal relationshipsExplanation:…
Q: Quick answer of this accounting questions
A: To calculate David's profit, we need to consider his total costs (fixed costs + variable costs) and…
Q: General accounting
A: To calculate Paccar's required Return, we can use the dividend discount model (DDM): Required Return…
Q: Get correct answer general accounting question
A: Step 1: Define Materials Price and Quantity VariancesIn cost accounting, materials variances help…
Q: Please give me this question answer
A: Step 1: Identify the ComponentsRisk-Free Rate: 2.4%Beta: 0.98Market Risk Premium: 9% Step 2: State…
Q: None
A: Step 1: Define CAPMThe capital asset pricing model (CAPM) is a useful approach to determining the…
Q: What is this firm WACC
A: Step 1: Given Value for Calculation Cost of Equity = ce = 14.3%Cost of Debt = cd = 3.5%Weight of…
Q: I need help with this problem and accounting
A: Step 1: Definition of Net IncomeNet income is the total revenue earned by an entity after deducting…
Q: What was the cash balance on November 1 ?
A: Step 1: Definition of Cash BudgetA cash budget is a financial tool used to estimate cash inflows and…
Q: Solve asap in this general account questions
A: Correct Answer:B. Cost of Sales Explanation:Gross Profit is calculated as: Gross Profit=Sales…
Q: Hii expert please provide correct answer general Accounting question
A: Step 1: Define Marginal Federal-Plus-State Tax RateThe marginal federal-plus-state tax rate can help…
Q: Provide answer
A: Explanation of Accounts Receivable:Accounts receivable represents the amount of money a company is…
Q: Beginning inventory?
A: Step 1: Definition of Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) represents the direct costs…
Q: What is the total period costs incurred for the period?
A: Step 1: Definition of Period CostPeriod costs refer to non-manufacturing expenses that are incurred…
Q: i want to this question answer of this General accounting question
A: Step 1: Define Degree of Operating Leverage (DOL)The Degree of Operating Leverage (DOL) measures how…
Q: A firm has sales of $2, 800, depreciation of $200, earnings before interest and taxes (EBIT) of…
A: To calculate Gross Profit, we use the formula: Gross Profit=Sales−Cost of Goods Sold (COGS)…
Q: Using the DuPont equation
A: 2. Given ValuesTotal Asset Turnover = 3.75Net Profit Margin = 8.76% = 0.0876 (in decimal form)Equity…
Q: General Accounting
A: Step 1: Define High-Low MethodThe high-low method is a cost estimation technique used to separate…
Q: Please give me answer general accounting
A: To calculate the operating cash flow (OCF), we will use the following formula: OCF=Net Income +…
Q: Provide answer general accounting
A: Step 1: Definition of Operating Cash Flow (OCF)Operating Cash Flow (OCF) represents the cash…
Q: Please solve this question general accounting
A: Step 1: Definition of Capital GainCapital gain refers to the increase in the value of an asset or…
Q: Company U sells merchandise to company P for $7,300 with credit terms of 3/10, n/30. Company P…
A: Explanation: In the given case, we are required to calculate the amount of check that would be given…
Q: Sub . General accounting
A: Step 1: Definition of Operating Cash Flow (OCF)Operating Cash Flow (OCF) represents the cash…
Q: Aurora Health Center has fixed costs of $240,000. After 32,000 visits, its fixed costs increase by…
A: Explanation of Fixed Costs: Fixed costs represent expenses that remain constant within a certain…
Q: Answer This MCQ
A: Explanation of Unearned Revenue:Unearned revenue is the money received by a business before…
Q: His profit would be. Dollars
A: Fixed Costs: The rent for the shop is $2,000 per week.Variable Costs: The variable cost of producing…
Q: Financial accounting question
A: To calculate the budgeted indirect cost allocation rate, we use the formula: Indirect Cost…
Q: Problem related to Accounting
A: Explanation: The estimated net annual savings can be calculated using the following formula:Net…
General accounting
Step by step
Solved in 2 steps
- I need help with this problem and accountingA trust has the following results for the current year: Capital gains $100,000 Capital losses $20,000 The trust has available net capital losses of $35,000 incurred in the previous year. Determine the maximum amount that can be allocated to a beneficiary.A trust has $7000 in interest income, $5000 in tax exempt interest income, $4000 in dividend income and $3000 in capital gains. The trust only expense was $2000 in fiduciary fees. What is the allocation of fiduciary fees to principle an income?
- A trust has $7000in interest income. $5000 in tax exempt interest income. $4000 in dividend income and $3000 in capital gains. The trust only expense was $2000 in fiduciary fees. What is the allocation of fiduciary fees to principal income? 1. $0 allocable to principal; $2000 allocable to income 2. $400 allocable to principal; $1600 allocable to income 3. $1600 allocable to principal; $400 allocable to income 4. $2000 allocable to principal; $0 allocable to incomeThe XYZ Trust has two income beneficiaries. The trust can distribute any amount of accounting income to the beneficiaries and corpus. Taxable interest income 40,000 Tax-exempt income interest income 20,000 Long-term capital gains-allocable to corpus 80,000 Legal and accounting fees-allocable to corpus 9,000 Money distributed to Beneficiary A 13,000 Money distributed to Beneficiary B 26,000 Determine the following: Trust Accounting Income________________________ Taxable Income________________________________ Distributable Net Income (DNI)____________________The XYZ Trust has two income beneficiaries. The trust can distribute any amount of accounting income to the beneficiaries and corpus. Taxable interest income 40,000 Tax-exempt income interest income 20,000 Long-term capital gains-allocable to corpus 80,000 Legal and accounting fees-allocable to corpus 9,000 Money distributed to Beneficiary A 13,000 Money distributed to Beneficiary B 26,000 Determine the following: Distribution Deduction___________________________ Trust Taxable Income____________________________ Beneficiary A Taxable Income______________________ Beneficiary B Taxable Income______________________
- The Allwardt Trust is a simple trust that correctly uses the calendar year for tax purposes. Its income beneficiaries (Lucy and Ethel) are entitled to the trust's annual accounting income in shares of one-half each. For the current tax year, Allwardt reports the following. Ordinary income $100,000 Long-term capital gains, allocable to income 30,000 Legal and accounting fees, allocable to corpus 5,000 The trust instrument allocates the capital gain to income. a. How much income is each beneficiary entitled to receive? b. What is the trust's DNI? c. What is the trust's taxable income/loss?The trust's ______ (taxable income/loss) is ____ d. How much gross income is reported by each of the beneficiaries?A simple trust has the following receipts and expenditures for the current year. The trust instrument is silent with respect to the capital gains, and state law concerning trust accounting income follows the Uniform Act. Assume the trustee’s fee is charged equally to principal and income. Corporate bond interest $40,000 Tax-exempt interest 9,000 Long-term capital gain 5,000 Trustee’s fee 2,000 Distribution to beneficiary 48,000 What is the trust’s taxable income? What is the trust’s tax liability?A trust has the following net income. Franked dividends - $10,000 Franking Credits - $3500 Capital gain - no discount applies - $70,000 Rental income - $105,000 Rental deductions - $35,000 Beneficiary X is specifically entitled to franked dividends and credits and Beneficiary Y is specifically entitled to the Capital Gain. The trust income under The Division 6 trust income will be and the Division 6E trust income will be
- Use the following information to complete the chart below, indicating the Calvet Trust's entity accounting income for each of the alternatives. Interest income, taxable $300,000 Interest income, tax-exempt 30,000 Interest income, tax-exempt but AMT preference item 20,000 Long-term capital gain 40,000 Trustee fee 10,000 Trust Agreement Provisions Trust AccountingIncome Fees and capital gains allocable to corpus 350,000 Capital gains allocable to corpus, one-half of fees allocable to income Capital gains allocable to income, silent concerning allocation of fees Fees and exempt income allocable to corpus, silent concerning allocationof capital gain/lossThe Allwardt Trust is a simple trust that correctly uses the calendar year for tax purposes. Its income beneficiaries (Lucy and Ethel) are entitled to the trust's annual accounting income in shares of one-half each. For the current tax year, Allwardt reports the following: Ordinary income $255,000 Long-term capital gains, allocable to corpus 76,500 Legal and accounting fees, allocable to corpus 12,750 a. How much income is each beneficiary entitled to receive? b. What is the trust's DNI? c. What is the trust's taxable income? d. How much gross income is reported by each of the beneficiaries?The trustee of the Pieper Trust can distribute any amount of accounting income and corpus to the trust’s beneficiaries, Lydia and Avi. This year, the trust incurred the following. Taxable interest income $40,000Tax-exempt interest income 20,000Long-term capital gains—allocable to corpus 80,000 Legal and accounting fees—allocable to corpus 9,000 The trustee distributed $26,000 to Lydia and $13,000 to Avi. What is Pieper’s trust accounting income? What is Pieper’s DNI? What is Pieper’s taxable income? What amounts are taxed to each of the beneficiaries?