Homework Answers
Formula of income tax is as follows :
Income taxes = Income Tax % * Earnings before taxes
So, here the answer is option c [ Multiplying the tax rate times earnings before taxes ]
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2. Income Taxes are calculated by: a. Multiplying the tax rate times Gross Sales b. Multiplying...
W SE LLO 2 Income Statement. Use the corporate tax rate table from Question 6. a...
W SE LLO 2 Income Statement. Use the corporate tax rate table from Question 6. a calculate Taxes (state and federal combined) and Net Income and fill in the blanks on the Income Statement b. Calculate the average tax rate. c. Assume that the company invests in a project that increases Income Before Taxes by $150,000 i. What is the additional amount of taxes that need to be paid? II. What is the marginal tax rate on the additional $150,000...
Income Statement Sales revenue $50 Cost of goods sold 30 Gross profit (gross margin) 20 Selling...
Income Statement Sales revenue $50 Cost of goods sold 30 Gross profit (gross margin) 20 Selling and administrative expenses 10 Income before taxes A Income tax expense 4 Net Income $6 Earnings per share E Balance Sheet Cash $2 Liabilities: Inventory 5 Accounts payable $1 Current assets B Equipment, at cost 10 Shareholders’ Equity: Less: accumulated depreciation C Common stock, $1 par value per share 10 Equipment, net of depreciation 6 D Total assets $13 Total liabilities and s/equity $13...
1 Gross ratings points (GRPs) can be calculated by A. adding reach and frequency and dividing by cost per thousand (CPM). B. multiplying cost per thousand (CPM) times average frequency. C. di...
1 Gross ratings points (GRPs) can be calculated by A. adding reach and frequency and dividing by cost per thousand (CPM). B. multiplying cost per thousand (CPM) times average frequency. C. dividing average frequency by costs. D. multiplying reach times frequency of exposure. E. dividing reach times frequency by costs.
1. a. gross income b. total tax liability owned c. adjusted gross income 2 a. total...
1. a. gross income
b. total tax liability owned
c. adjusted gross income
2 a. total personal exemptions
b. adjustments to income
c. adjusted gross income (AGI)
3 a. Itemized deductions
b. adjusted gross incomte
c. total tax liability owned
4 a. taxable income
b. total tax liability owned
c. total personal exemptions
5 a. taxable income
b. adjusted gross income
c. other taxes
6 a. other taxes
b. total personal exemptios
c. tax credits
7 a. total tax liability...
Firm A Firm B units Price Variable Cost Fixed Costs Interest Expense Tax Rate 200.00 300.00...
Firm A Firm B units Price Variable Cost Fixed Costs Interest Expense Tax Rate 200.00 300.00 180.00 2,400.00 500.00 0.25 units Price Variable Cost Fixed Costs Interest Expense Tax Rate 2,000.00 8.00 4.50 2,400.00 500.00 0.25 Sales 200 units at 300 dollars Less Variable Costs (180 at 200 units) Fixed costs Earnings before interest and taxes (EBIT) Interest expense Earnings before taxes (EBT) Income tax expense Earnings after taxes (EAT) 60,000.00 36,000.00 2,400.00 21,600.00 500.00 21,100.00 5,275.00 15,825.00 Sales 2000...
Net sales Income before interest and taxes Net income after taxes Interest expense Stockholders' equity, December...
Net sales Income before interest and taxes Net income after taxes Interest expense Stockholders' equity, December 31 (2016: $191,000) Common stock, December 31 $422,000 119,000 55,560 8,650 314,000 210,000 $269,000 75,000 63,200 7,500 240,000 231,000 The average number of shares outstanding was 7,810 for 2018 and 6,880 for 2017 Required Compute the following ratios for Finch for 2018 and 2017. a. Number of times interest was earned. (Round your answers to 2 decimal places.) b. Earnings per share based on...
Powers of numbers can be calculated by multiplying the number by itself for as many times...
Powers of numbers can be calculated by multiplying the number by itself for as many times as the value of the exponent. For example, 2 raised to the power 4 can be calculated by multiplying 2 by itself 4 times to get 16. Write a program that: 1. inputs a double as the base number and an int as the exponent; 2. multiplies the base number by itself using a loop that repeats for the number of times in the...
2. Income Statement and Taxes a) Find the missing values for the income statement below: Fresno...
2. Income Statement and Taxes a) Find the missing values for the income statement below: Fresno Cleaners 2018 Income Statement Net sales Cost of goods sold Depreciation EBIT Interest paid Earnings before taxes Taxes 32% Net income Dividends paid Addition to retained earnings $ 68,700 51,300 4,600 ? 1,225 ? ? 3,400 ? 0 I b) If a firm has $300,000 in taxable income in both 2017 and 2018: What is the firm's tax liability for each year? What is...
Return on Assets Net Sales Gross Profit Margin Cost of Goods Operating Net Profit Before Tax...
Return on Assets Net Sales Gross Profit Margin Cost of Goods Operating Net Profit Before Tax PI Expense Accounts Receivable Return On Assets + Merchandise Inventory Total Current Assets Asset Turnover Cash Total Assets Fixed Assets Other Current Assets Use the charts on the following page to calculate Net Profit Margin % for each scenario: Scenario 1 Scenario 2 Income Statement Income Statement Sales Sales Gross Sales $200,000 Gross Sales $100,000 Promotional Allowances $25,000 Promotional Allowances $15,000 Customer Returns -$15,000...
Carla Company, which is subject to a 40% income tax rate, projected its income before taxes...
Carla Company, which is subject to a 40% income tax rate,
projected its income before taxes for next year as shown
here:
Sales (184,000 units)
$9,200,000
Cost of sales
Variable costs
2,300,000
Fixed costs
3,450,000
Pretax earning
$3,450,000
If Carla wants after-tax earnings of 30% of sales, what is the
required level of sales in dollars and in units?
Revenue:
$
or
units
W SE LLO 2 Income Statement. Use the corporate tax rate table from Question 6. a calculate Taxes (state and federal combined) and Net Income and fill in the blanks on the Income Statement b. Calculate the average tax rate. c. Assume that the company invests in a project that increases Income Before Taxes by $150,000 i. What is the additional amount of taxes that need to be paid? II. What is the marginal tax rate on the additional $150,000...
1. a. gross income
b. total tax liability owned
c. adjusted gross income
2 a. total personal exemptions
b. adjustments to income
c. adjusted gross income (AGI)
3 a. Itemized deductions
b. adjusted gross incomte
c. total tax liability owned
4 a. taxable income
b. total tax liability owned
c. total personal exemptions
5 a. taxable income
b. adjusted gross income
c. other taxes
6 a. other taxes
b. total personal exemptios
c. tax credits
7 a. total tax liability...
Firm A Firm B units Price Variable Cost Fixed Costs Interest Expense Tax Rate 200.00 300.00 180.00 2,400.00 500.00 0.25 units Price Variable Cost Fixed Costs Interest Expense Tax Rate 2,000.00 8.00 4.50 2,400.00 500.00 0.25 Sales 200 units at 300 dollars Less Variable Costs (180 at 200 units) Fixed costs Earnings before interest and taxes (EBIT) Interest expense Earnings before taxes (EBT) Income tax expense Earnings after taxes (EAT) 60,000.00 36,000.00 2,400.00 21,600.00 500.00 21,100.00 5,275.00 15,825.00 Sales 2000...
Net sales Income before interest and taxes Net income after taxes Interest expense Stockholders' equity, December 31 (2016: $191,000) Common stock, December 31 $422,000 119,000 55,560 8,650 314,000 210,000 $269,000 75,000 63,200 7,500 240,000 231,000 The average number of shares outstanding was 7,810 for 2018 and 6,880 for 2017 Required Compute the following ratios for Finch for 2018 and 2017. a. Number of times interest was earned. (Round your answers to 2 decimal places.) b. Earnings per share based on...
2. Income Statement and Taxes a) Find the missing values for the income statement below: Fresno Cleaners 2018 Income Statement Net sales Cost of goods sold Depreciation EBIT Interest paid Earnings before taxes Taxes 32% Net income Dividends paid Addition to retained earnings $ 68,700 51,300 4,600 ? 1,225 ? ? 3,400 ? 0 I b) If a firm has $300,000 in taxable income in both 2017 and 2018: What is the firm's tax liability for each year? What is...
Return on Assets Net Sales Gross Profit Margin Cost of Goods Operating Net Profit Before Tax PI Expense Accounts Receivable Return On Assets + Merchandise Inventory Total Current Assets Asset Turnover Cash Total Assets Fixed Assets Other Current Assets Use the charts on the following page to calculate Net Profit Margin % for each scenario: Scenario 1 Scenario 2 Income Statement Income Statement Sales Sales Gross Sales $200,000 Gross Sales $100,000 Promotional Allowances $25,000 Promotional Allowances $15,000 Customer Returns -$15,000...
Carla Company, which is subject to a 40% income tax rate,
projected its income before taxes for next year as shown
here:
Sales (184,000 units)
$9,200,000
Cost of sales
Variable costs
2,300,000
Fixed costs
3,450,000
Pretax earning
$3,450,000
If Carla wants after-tax earnings of 30% of sales, what is the
required level of sales in dollars and in units?
Revenue:
$
or
units
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