You have calculated the adjusted profit for the company to be $2,000,000. Capital Allowance was $20,000. The tax rate is 25%. Estimated tax paid during the year is $750,000. Employment Tax Credit available (which is non-refundable) is $700,000. The tax refundable for this company is. a. $500,000 b. $1,100,000 c.$750,000 d. $200,000

You have calculated the adjusted profit for the company to be $2,000,000. Capital Allowance was $20,000. The tax rate is 25%. Estimated tax paid during the year is $750,000. Employment Tax Credit available (which is non-refundable) is $700,000. The tax refundable for this company is. a. $500,000 b. $1,100,000 c.$750,000 d. $200,000

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

Required Answer each of the following questions by providing supporting computations. 1. Assume that the company’s income tax rate is 30% for all items. Identify the tax effects and after-tax amounts of the three items labeled pretax. 2. Compute the amount of income from continuing operations before income taxes. What is the amount of the income tax expense? What is the amount of income from continuing operations? 3. What is the total amount of after-tax income (loss) associated with the discontinued segment? 4. What is the amount of net income for the year?
Moose Industries has a corporate tax rate of 25%. Last year the c company realized $14,000,000 in operating income (EBIT). Its annual interest expense is $1,500,000. What was the company's net income for the year? O a. $9,375,000 O b. $10,500,000 Oc. $3,125,000 O d. $11,625,000 O e. $12,500,000
In an income statement, total Sales and revenue in $230,000 and total operating expenses is $80,000. If tax rate is 20%how much will the net income be? O a. $30,000 Ob $120,000 Oc. $248,000 Od $150.000 Next page
need answer in step by step
Franklin Corporation just paid taxes of $152,000 on taxable income of... Franklin Corporation just paid taxes of $152,000 on taxable income of $512,000. The marginal tax rate is 35% for the company. What is the average tax rate for the Franklin Corporation?
5.
Based on the following amounts, how much is the income tax due based on the 25% regular corporate income tax rate? Gross sales 4,000,000.00 Sales discounts, returns and allowances 100,000.00 Cost of sales 1,500,000.00 Itemized deductions 800,000.00 Group of answer choices P975,000.00 P400,000.00 P600,000.00 P425,000.00
Venus corp has the following income statement for the year 2020 Gross sales Sales return Sales Discount Net sales COS Salaries Depreciations expense Utilities Commissions Insurance expense Rent expense Interest expense Net income before tax Tax 25% Net income after tax Required: Compute for the time interest earned 2020 $4,750,000.00 P16,000.00 P7,000.00 $4,727,000.00 #2,299,000.00 $400,000.00 P90,000.00 P45,000.00 P50,000.00 P15,000.00 P30,000.00 $25,000.00
A company's tax rate is 33% and its interest expense is $18,500. In addition, its cost of goods sold is 61% of sales and its depreciation and amortization expenses are $35,800. What must the company's revenue be for it to have earnings of $150,000? 1) $603,238 2) $641,914 3) $681,271 4) $713,284 5) $703,211
Assuming Sunny-D Cafe has a tax rate of 30 percent, calculate sales for the firm given the following financial information: net income of $37,900; interest expense of $11,500; depreciation expense of $14,200; and costs of $80,900. Points: 1 A. $144,500 B. $154,143 C. $160,743 D. $165,114 E. Remember to breathe
Problem 4: JIMIN Company has an agreement to pay the executive officers a bonus of 5% of the entity's earnings. The income for the year before bonus and tax is P8,750,000. The income tax rate is 30% of income after bonus. Requirements: Determine the BONUS under each of the following independent assumptions: 9. A. Bonus is based on income before bonus and before tax. В. Bonus is based on income after bonus and after tax. C. Bonus is based on income after bonus but before tax. D. Bonus is based on income after tax but before bonus
At the Bartholomew Company last year all sales were for cash and all expenses were paid in cash. The tax rate was 30%. If the after-tax net cash inflow from these operations last year was $10,500, and if the total before tax cash expenses were $35,000, then the total before-tax cash sales must have been: (M) A. $65,000. B. $60,000. C. $45,000. D. $50,000.