Homework Answers
| Sales | 1,500,000 |
| COGS | 750,000 |
| Gross Profits | 750,000 |
| Operating Expenses | - |
| Selling Expenses | 100,000 |
| General admin. Expenses | 50,000 |
| Lease Expenses | 10,000 |
| Depreciation expense | 40,000 |
| Total operating expenses | 200,000 |
| Operating profit | 550,000 |
| Interest | 20,000 |
| Net profit before taxes | 530,000 |
| Taxes | 180,200 |
| [(530000-335000)*34%]+113900 | |
| Net profit after tax | 349,800 |
| Preferred dividends | 10,000 |
| Earnings available for common stakeholders | 339,800 |
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Income statement 2014 $1,500,000 750,000 Sales COGS Gross profits Operating Expenses Selling expenses General admin. expenses...
inwasted this question for a wrong answer can someone give me the correct answers please. updated...
inwasted this question for a wrong answer can someone give me the
correct answers please.
updated information
this is the only info provided on this exercise the chart is for
(a) and (b). nothing for (c) just show to resolve.
Exercise 17-26 (Algorithmic) (LO. 3) Compute the income tax liability for each of the following unrelated calendar year C corporations. Click here to access the tax table to use for part (a) and (b) of this problem. a. In 2017,...
TABLE 2.1 Corporate Tax Rate Schedule + + + + Range of taxable income 0 to...
TABLE 2.1 Corporate Tax Rate Schedule + + + + Range of taxable income 0 to $ 50,000 50,000 to 75,000 75,000 to 100,000 100,000 to 335,000 335,000 to 10,000,000 10,000,000 to 15,000,000 15,000,000 to 18,333,333 Over 18,333,333 Base tax $ 0 7,500 13,750 22,250 113,900 3,400,000 5,150,000 6,416,667 Tax calculation (Marginal rate X amount over base bracket) (15% X amount over $ 0) (25 X amount over 50,000) (34 X amount over 75,000 amount over 100,000) amount over 335,000)...
The Talley Corporation had a taxable income of $320000 from operations after all operating costs but...
The
Talley Corporation had a taxable income of $320000 from operations
after all operating costs but before (1) interest charges of
$64000, (2) dividends received of $9600 (3) dividends paid of
$16000 and (4) income taxes.
What are the firms income tax liabilitu and its after tax
income?
Income tax liability
After tax libility
What are the companys marginal and average tax rates on
taxable income?
Marginal tax rate %
Average tax rate %
TABLE 2-1 Corporate Tax Rates as...
Using the corporate tax rate table, calculate the taxable amount if a corporation's taxable income is...
Using the corporate tax rate table, calculate the taxable amount if a corporation's taxable income is 16,000,000 It Pays This Plus This Percentage Average Tax If a Corporation's Amount on the on the Excess over the Rate at Taxable income is Base of the Bracket Base (Marginal Rate) Top of Bracket Up to $50,000 $ 0 15% 15.0% $50,000-$75,000 7,500 25 18.3 $75,000-$100,000 13,750 34 22.3 $100,000-$335,000 22,250 39 34.0 $335,000-$10,000,000 113,900 34 34.0 $10,000,000 $15,000,000 3,400,000 35 34.3 $15,000,000-$18,333,333...
If a corporation’s taxable income is It pays that amount on the base of the bracket...
If a corporation’s taxable income is It pays that amount on the base of the bracket Plus this percentage on the excess over the base Average tax rate at top of bracket Up to 50,000 0 15% 15.0% 50,000-75,000 7,500 25 18.3 75,000-100,000 13,750 34 22.3 100,000-335,000 22,250 39 34.0 335,000-10,000,000 113,900 34 34.0 10,000,000-15,000,000 3,400,000 35 34.3 15,000,000-18,333,333 5,150,000 38 35.0 Over 18,333,333 6,416,667 35 35.0 1. ABC Inc. 2018 sales are $1,100,000. Operating costs (excluding depreciation) are 70%...
Tax table Calculations used for taxes =22250+((199250-100000)*0.39) If a corporation’s taxable income is It pays that...
Tax table Calculations used for taxes =22250+((199250-100000)*0.39) If a corporation’s taxable income is It pays that amount on the base of the bracket Plus this percentage on the excess over the base Average tax rate at top of bracket Up to 50,000 0 15% 15.0% 50,000-75,000 7,500 25 18.3 75,000-100,000 13,750 34 22.3 100,000-335,000 22,250 39 34.0 335,000-10,000,000 113,900 34 34.0 10,000,000-15,000,000 3,400,000 35 34.0 15,000,000-18,333,333 5,150,000 38 35.0 Over 18,333,333 6,416,667 35 35.0 Can you please check my operating...
Please help on this finance! Griffey Communications recently realized $122,500 in operating income. The company had...
Please help on this finance! Griffey Communications recently realized $122,500 in operating income. The company had interest income of $25,000 and realized $70,000 in dividend income. The company's interest expense was $40,000. Using the corporate tax schedule below, what is Griffey's tax liability? Taxable Income Tax on Base of Bracket Percentage on Excess above Base Up to $50,000 $0 15% $50,000-$75,000 7,500 25 $75,000-$100,000 13,750 34 $100,000-$335,000 22,250 39 $335,000-$10,000,000 113,900 34 $10,000,000-$15,000,000 3,400,000 35 ...
Owl is a closely held corporation owned by 8 shareholders (each has 12.5% of the stock)....
Owl is a closely held corporation owned by 8 shareholders (each
has 12.5% of the stock). Selected financial information provided by
Owl follows:
Taxable income $6,250,000
Positive AMT adjustments (excluding ACE adjustment) 600,000
Negative AMT adjustments (30,000) Tax preferences 5,000,000
Retained earnings 900,000 Accumulated E & P 2,000,000
ACE adjustment 750,000
a. If Owl is a C corporation, compute the following:
Regular Federal income tax liability:
$ Alternative minimum taxable income (AMTI):
Alternate minimum tax (AMT):
Please provide the calculations....
Corporations face the following tax schedule: Taxable Income Tax on Base of Bracket Percentage on Excess...
Corporations face the following tax schedule: Taxable Income Tax on Base of Bracket Percentage on Excess above Base Up to $50,000 $0 15% $50,000-$75,000 7,500 25 $75,000-$100,000 13,750 34 $100,000-$335,000 22,250 39 $335,000-$10,000,000 113,900 34 $10,000,000-$15,000,000 3,400,000 35 $15,000,000-$18,333,333 5,150,000 38 Over $18,333,333 6,416,667 35 Company Z has $90,000 of taxable income from its operations, $5,000 of interest income, and $30,000 of dividend income from preferred stock it holds in other corporations. What is Company Z’s tax liability? Assume a...
question #1 question #2 question #3 $4000000 2000000 100000 200000 50000 40000 Sales Less: Cost of...
question #1
question #2
question #3
$4000000 2000000 100000 200000 50000 40000 Sales Less: Cost of goods sold Gross Profit Less: Operating expenses Selling expenses General and administrative expenses Lease expenses Depreciation expenses Total operating expenses Operating profits Less: Interest expenses Net profit before taxes Less: Taxes (use table 3) Net profit after taxes Less: Preferred stock dividends Earnings available for common stockholders Earnings per share 100000 50000 Return on Assets (ROA) Return on Equity (ROE) Inventory Turnover Net profit...
inwasted this question for a wrong answer can someone give me the
correct answers please.
updated information
this is the only info provided on this exercise the chart is for
(a) and (b). nothing for (c) just show to resolve.
Exercise 17-26 (Algorithmic) (LO. 3) Compute the income tax liability for each of the following unrelated calendar year C corporations. Click here to access the tax table to use for part (a) and (b) of this problem. a. In 2017,...
TABLE 2.1 Corporate Tax Rate Schedule + + + + Range of taxable income 0 to $ 50,000 50,000 to 75,000 75,000 to 100,000 100,000 to 335,000 335,000 to 10,000,000 10,000,000 to 15,000,000 15,000,000 to 18,333,333 Over 18,333,333 Base tax $ 0 7,500 13,750 22,250 113,900 3,400,000 5,150,000 6,416,667 Tax calculation (Marginal rate X amount over base bracket) (15% X amount over $ 0) (25 X amount over 50,000) (34 X amount over 75,000 amount over 100,000) amount over 335,000)...
The
Talley Corporation had a taxable income of $320000 from operations
after all operating costs but before (1) interest charges of
$64000, (2) dividends received of $9600 (3) dividends paid of
$16000 and (4) income taxes.
What are the firms income tax liabilitu and its after tax
income?
Income tax liability
After tax libility
What are the companys marginal and average tax rates on
taxable income?
Marginal tax rate %
Average tax rate %
TABLE 2-1 Corporate Tax Rates as...
Using the corporate tax rate table, calculate the taxable amount if a corporation's taxable income is 16,000,000 It Pays This Plus This Percentage Average Tax If a Corporation's Amount on the on the Excess over the Rate at Taxable income is Base of the Bracket Base (Marginal Rate) Top of Bracket Up to $50,000 $ 0 15% 15.0% $50,000-$75,000 7,500 25 18.3 $75,000-$100,000 13,750 34 22.3 $100,000-$335,000 22,250 39 34.0 $335,000-$10,000,000 113,900 34 34.0 $10,000,000 $15,000,000 3,400,000 35 34.3 $15,000,000-$18,333,333...
Owl is a closely held corporation owned by 8 shareholders (each
has 12.5% of the stock). Selected financial information provided by
Owl follows:
Taxable income $6,250,000
Positive AMT adjustments (excluding ACE adjustment) 600,000
Negative AMT adjustments (30,000) Tax preferences 5,000,000
Retained earnings 900,000 Accumulated E & P 2,000,000
ACE adjustment 750,000
a. If Owl is a C corporation, compute the following:
Regular Federal income tax liability:
$ Alternative minimum taxable income (AMTI):
Alternate minimum tax (AMT):
Please provide the calculations....
question #1
question #2
question #3
$4000000 2000000 100000 200000 50000 40000 Sales Less: Cost of goods sold Gross Profit Less: Operating expenses Selling expenses General and administrative expenses Lease expenses Depreciation expenses Total operating expenses Operating profits Less: Interest expenses Net profit before taxes Less: Taxes (use table 3) Net profit after taxes Less: Preferred stock dividends Earnings available for common stockholders Earnings per share 100000 50000 Return on Assets (ROA) Return on Equity (ROE) Inventory Turnover Net profit...
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