company pays a 35% income tax rate on income. supoose that, before recording any adjustements, the...
Homework Answers
Solution:
| Particulars | Amount |
| Revenue | $120,000 |
| Less: Expenses | $ 33,500 |
| Net Income | $ 86,500 |
| Less: Tax Expenses @35% on Net income | $ 30,275 |
| Income after tax | $ 56,225 |
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company pays a 35% income tax rate on income. supoose that, before
recording any adjustements, the...
Company pays a 35% income tax rate on income. Suppose that, before recording any adjustments, the...
Company pays a 35% income tax rate on income. Suppose that, before recording any adjustments, the company reported $120,000 in revenue and 33,500 in expenses.
the following scenario: ABC company pays federal income taxes at a rate of 35% on taxable...
the following scenario: ABC company pays federal income taxes at a rate of 35% on taxable income. Compute the company’s annual after-tax cost of borrowing on an 8%, $5 million bond issue.
Lantz Ltd. reported earnings before income taxes of $540,000 in 20X5. The company had expensed $25,000...
Lantz Ltd. reported earnings before income taxes of $540,000 in 20X5. The company had expensed $25,000 of golf club dues that were not tax deductible. There was tax-free dividend revenue of $10,000. Warranty expense was $40.000. Depreciation was $120,000, while CCA was $190,000. Warranty claims paid were $35,000. The tax rate for this year is 25% Required: Calculate taxable income and income tax payable. Taxable income Income tax payable
Hsu Company reported the following on its income statement: Income before income taxes Income tax expense...
Hsu Company reported the following on its income statement: Income before income taxes Income tax expense Net income $420,000 120,000 $300,000 Interest expense was $80,000. Hsu Company's times interest earned ratio is 6.25 times 5.25 times 8 times 5 times Which of the following is required by the Sarbanes-Oxley Act?
Assume a corporate tax rate of 35% and an individual tax rate of 33%. Perryton Corp....
Assume a corporate tax rate of 35% and an individual tax rate of 33%. Perryton Corp. camned S15,000,000 before income taxes during the year. Perryton kope 60% of after-tax profits inside the company to support future growth, and paid the rest as a dividend. How much total tax would have been paid to the Internal Revenue Service (IRS) by all related parties?
Assume a corporate tax rate of 35% and an individual tax rate of 33%. Perryton Corp....
Assume a corporate tax rate of 35% and an individual tax rate of 33%. Perryton Corp. eamed 515,000,000 before income taxes during the year. Perryton kept 60% of after-tax profits inside the company to support future growth, and paid the rest as a dividend. How much total tax would have been paid to the Internal Revenue Service (IRS) by all related parties? Numeric Response
Bulldog Corporation reported taxable income of $975,000 this year, before any deduction for any payment to...
Bulldog Corporation reported taxable income of $975,000 this year, before any deduction for any payment to its sole shareholder and employee, Georgia Brown. Bulldog chose to pay a bonus of $107,000 to Georgia at year-end. The bonus meets the requirements to be “reasonable” and is therefore deductible by Bulldog. Georgia is subject to a marginal tax rate of 35 percent on the bonus. What is the income tax imposed on the corporate income earned by Bulldog and the income tax...
Harvey Co. pays income tax at an average rate of 30 percent. This year its revenue...
Harvey Co. pays income tax at an average rate of 30 percent. This year its revenue is $118,000 and its expenses are $79,000. The adjusting entry to record the income tax expense will: Multiple Choice decrease stockholders' equity by $11,700. decrease liabilities by $11,700. O decrease net income by $39,000. o increase stockholders' equity by $11,700.
Consider the following scenario: ABC company pays federal income taxes at a rate of 35% on...
Consider the following scenario: ABC company pays federal income taxes at a rate of 35% on taxable income. Write a 200- to 350-word paper in APA format in which you complete the following: 1.) Briefly explain the income tax advantage of raising capital by issuing bonds rather than selling capital stock. 2.) Compute the company’s annual after-tax cost of borrowing on an 8%, $5 million bond issue. 3.) Express this after-tax cost as a percentage of the borrowed $5 million....
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’s net assets are $41,400,000, what amount of revenue must be achieved for Carla to earn a 10% after-tax return on assets? Total Revenue
Lantz Ltd. reported earnings before income taxes of $540,000 in 20X5. The company had expensed $25,000 of golf club dues that were not tax deductible. There was tax-free dividend revenue of $10,000. Warranty expense was $40.000. Depreciation was $120,000, while CCA was $190,000. Warranty claims paid were $35,000. The tax rate for this year is 25% Required: Calculate taxable income and income tax payable. Taxable income Income tax payable
Hsu Company reported the following on its income statement: Income before income taxes Income tax expense Net income $420,000 120,000 $300,000 Interest expense was $80,000. Hsu Company's times interest earned ratio is 6.25 times 5.25 times 8 times 5 times Which of the following is required by the Sarbanes-Oxley Act?
Assume a corporate tax rate of 35% and an individual tax rate of 33%. Perryton Corp. camned S15,000,000 before income taxes during the year. Perryton kope 60% of after-tax profits inside the company to support future growth, and paid the rest as a dividend. How much total tax would have been paid to the Internal Revenue Service (IRS) by all related parties?
Assume a corporate tax rate of 35% and an individual tax rate of 33%. Perryton Corp. eamed 515,000,000 before income taxes during the year. Perryton kept 60% of after-tax profits inside the company to support future growth, and paid the rest as a dividend. How much total tax would have been paid to the Internal Revenue Service (IRS) by all related parties? Numeric Response
Harvey Co. pays income tax at an average rate of 30 percent. This year its revenue is $118,000 and its expenses are $79,000. The adjusting entry to record the income tax expense will: Multiple Choice decrease stockholders' equity by $11,700. decrease liabilities by $11,700. O decrease net income by $39,000. o increase stockholders' equity by $11,700.
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