Compute the additional income tax liability for Corporation L by assuming that the marginal tax rate for the year is 34%.

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Answer 1

Question

Chapter 12, Problem 19AP

a.

To determine

Compute the additional income tax liability for Corporation L by assuming that the marginal tax rate for the year is 34%.

b.

To determine

Indicate the tax consequence of Mr. G as a result of the constructive dividend treatment and compute the difference in Mr. G’s income tax liability as result of this difference by assuming that Mr. G’s marginal tax rate on ordinary income is 37%.

c.

To determine

Identify the total impact on the treasury tax collection as a finding of the audit.

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Harrison Company makes two products and uses a traditional costing system in which a single plantwide predetermined overhead rate is computed based on direct labor-hours. Data for the two products for the upcoming year follow: Rascon Parcel Direct materials cost per unit $ 11.00 $ 5.00 Direct labor cost per unit $ 3.10 $ 3.50 Direct labor-hours per unit 0.10 0.15 Number of units produced 17,000 50,000 These products are customized to some degree for specific customers. Required: The company's manufacturing overhead costs for the year are expected to be $266,800. 2. Management is considering an activity-based absorption costing system in which half of the overhead would continue to be allocated based on direct labor-hours and half would be allocated based on engineering design time. This time is expected to be distributed as follows during the upcoming year: Rascon Parcel Total Engineering design time (in hours) 4,700 4,700 9,400 Compute the unit product costs for the two products using…

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Answer 2

Question

Chapter 12, Problem 19AP

a.

To determine

Compute the additional income tax liability for Corporation L by assuming that the marginal tax rate for the year is 34%.

b.

To determine

Indicate the tax consequence of Mr. G as a result of the constructive dividend treatment and compute the difference in Mr. G’s income tax liability as result of this difference by assuming that Mr. G’s marginal tax rate on ordinary income is 37%.

c.

To determine

Identify the total impact on the treasury tax collection as a finding of the audit.

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Answer 3

Question

Chapter 12, Problem 19AP

a.

To determine

Compute the additional income tax liability for Corporation L by assuming that the marginal tax rate for the year is 34%.

b.

To determine

Indicate the tax consequence of Mr. G as a result of the constructive dividend treatment and compute the difference in Mr. G’s income tax liability as result of this difference by assuming that Mr. G’s marginal tax rate on ordinary income is 37%.

c.

To determine

Identify the total impact on the treasury tax collection as a finding of the audit.

Expert Solution & Answer

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Answer 4

Question

Chapter 12, Problem 19AP

a.

To determine

Compute the additional income tax liability for Corporation L by assuming that the marginal tax rate for the year is 34%.

b.

To determine

Indicate the tax consequence of Mr. G as a result of the constructive dividend treatment and compute the difference in Mr. G’s income tax liability as result of this difference by assuming that Mr. G’s marginal tax rate on ordinary income is 37%.

c.

To determine

Identify the total impact on the treasury tax collection as a finding of the audit.

Expert Solution & Answer

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Answer 5

Chapter 12, Problem 19AP

a.

To determine

Compute the additional income tax liability for Corporation L by assuming that the marginal tax rate for the year is 34%.

b.

To determine

Indicate the tax consequence of Mr. G as a result of the constructive dividend treatment and compute the difference in Mr. G’s income tax liability as result of this difference by assuming that Mr. G’s marginal tax rate on ordinary income is 37%.

c.

To determine

Identify the total impact on the treasury tax collection as a finding of the audit.

Answer 6

Chapter 12, Problem 19AP

a.

To determine

Compute the additional income tax liability for Corporation L by assuming that the marginal tax rate for the year is 34%.

Answer 7

Chapter 12, Problem 19AP

a.

To determine

Compute the additional income tax liability for Corporation L by assuming that the marginal tax rate for the year is 34%.

Answer 8

b.

To determine

Indicate the tax consequence of Mr. G as a result of the constructive dividend treatment and compute the difference in Mr. G’s income tax liability as result of this difference by assuming that Mr. G’s marginal tax rate on ordinary income is 37%.

Answer 9

b.

To determine

Indicate the tax consequence of Mr. G as a result of the constructive dividend treatment and compute the difference in Mr. G’s income tax liability as result of this difference by assuming that Mr. G’s marginal tax rate on ordinary income is 37%.

Answer 10

c.

To determine

Identify the total impact on the treasury tax collection as a finding of the audit.

Answer 11

c.

To determine

Identify the total impact on the treasury tax collection as a finding of the audit.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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Compute the additional income tax liability for Corporation L by assuming that the marginal tax rate for the year is 34%.

Solution Summary: The author explains how to calculate the additional income tax liability for Corporation L by assuming that the marginal tax rate for the year is 34%.

Compute the additional income tax liability for Corporation L by assuming that the marginal tax rate for the year is 34%.

Indicate the tax consequence of Mr. G as a result of the constructive dividend treatment and compute the difference in Mr. G’s income tax liability as result of this difference by assuming that Mr. G’s marginal tax rate on ordinary income is 37%.

Identify the total impact on the treasury tax collection as a finding of the audit.

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