**Floyd Corporation: Financial Overview****Background:**Floyd Corporation was established and started operations on January 1, 2020, and is situated at 210 N. Main St., Pearisburg, VA, 24134. The EIN is 91-1111111.**Income Statement Details for Year Ending December 31, 2020:**- **Gross Income from Operations:** $320,000 - **Qualified Dividends Received:** $20,000 *Received from a 15% owned domestic corporation.***Total Gross Income:** $340,000 **Cost of Goods Sold:** ($70,000) **Total Income:** $270,000 **Other Expenses:**- **Compensation of Officers:** $80,000 - **Salaries and Wages:** $20,000 - **Bad Debts:** $3,000 *Bad debts entered as direct charge-offs.*- **Repairs:** $9,000 - **Depreciation for Books:** $3,000 *(Tax depreciation is $90,000.)* - **Advertising:** $10,000 - **Payroll Taxes:** $15,000 **Total Other Expenses:** ($140,000) **Pretax Book Income:** $130,000 **Income Tax Expense:** ($25,200) **Net Income:** $104,800 This financial report summarizes Floyd Corporation's performance, showing effective management of operational costs and revenue. # Floyd Corporation Balance Sheet Analysis### As of December 31, 2020#### Assets:- **Cash:** $140,600- **Accounts Receivable:** $20,000- **Inventory (at cost):** $70,000- **Equipment:** $90,000- **Less: Accumulated Depreciation:** ($10,000)**Total Assets:** $310,600#### Liabilities and Owners' Equity:- **Accounts Payable:** $24,000- **Other Liabilities:** $16,800- **Note Payable (due in 10 years):** $85,000- **Common Stock:** $80,000- **Retained Earnings:** $104,800**Total Liabilities and Owners' Equity:** $310,600---### Additional Information:- The corporation made estimated tax payments of $9,000.- Instructions for completing Form 1120 for Floyd Corporation are provided on pages 11-43 through 11-48.### George Corporation Details:1. **Inception:** January 1, 20202. **Ownership:** 50 shares owned by Trey Martin and 50 shares owned by Brianna Tabor.3. **Location:** 15620 McMullen Hwy SW, Cumberland, MD 215024. **EIN:** 94-88888885. **Tax Information:** The corporation is not subject to special taxes, and no wages are included in the cost of goods sold.6. **Financials:** The corporation’s income statement for the year and the balance sheet at year-end are available.This balance sheet provides a snapshot of Floyd Corporation’s financial position, detailing their assets, liabilities, and equity to give insight into their financial health as of the end of 2020. Understanding this information is essential for stakeholders and for the completion of necessary tax documentation.

Tax is a charge which is charged on the taxable income of a taxpayer. A taxpayer can be the…

Answered: Total liabilities and owners equity The…

Total liabilities and owners equity The corporation made estimated tax payments of $9,000. Complete Form 1120 for Floyd Corporation on Pages 11-43 through 11-48.

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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The Ohio Corporation had a 20XX taxable income of $50,000,000 from operations after all operating costs but before 1. interest charges of $500,000, 2. dividends received of $45,000, 3. dividends paid of $10,000,000, and 4. income taxes. Using the tax schedule in Table 2.3. what is Ohio's income tax liability? What are Ohio's average and marginal tax rates on taxable income from operations? Multiple Choice $17,329,725, 34.66%, 35%, respectively $13,829,725, 27.66%, 35%, respectively $17,340.750, 34.68%, 35%, respectively $6,416,667, 12.83%, 35%, respectively
A-7
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