The Mason Gift Company had sales worth $ 440,000, with operating expenses of $ 82,500 and...
The Mason Gift Company had sales worth $ 440,000, with operating expenses of $ 82,500 and a production cost of $ 137,500. Interest paid amounted to $ 32,500 and received $ 8,800 in dividends in common shares of other companies, common shares that were bought eight months ago for $ 22,000 and were now sold for $ 27,500. Calculate the tax liability of the company?
Homework Answers
Tax liability = Sales - Operating expense - Production cost - Interest paid + Dividends received + Price of shares sold - Price at which shares were bought
= 440000 - 82500 - 137500 - 32500 + 8800 + 27500 - 22000
= $201,800 Answer
Add Answer to:
The Mason Gift Company had sales worth $ 440,000, with operating
expenses of $ 82,500 and...
Given: Builtrite had sales of $700,000 and COGS of $280,000. In addition, operating expenses were calculated...
Given: Builtrite had sales of $700,000 and COGS of $280,000. In addition, operating expenses were calculated at 25% of sales. Builtrite also received dividends of $40,000 and paid out common stock dividends of $25,000 to its stockholders. A long-term capital gain of $55,000 was realized during the year along with a capital loss of $70,000 1.What is Builtrite’s taxable income? 2.Based on their taxable income, what is Builtrite’s tax liability 3. If we add to our problem that Builtrite also...
Builtrite had sales of $700,000 and COGS of $290,000. In addition, operating expenses were calculated at...
Builtrite had sales of $700,000 and COGS of $290,000. In addition, operating expenses were calculated at 25% of sales. Interest expense was based on $100,000 of bonds outstanding with an interest rate of 7%. Builtrite also received dividends of $40,000 and paid out common stock dividends of $25,000 to its stockholders. A long-term capital gain of $55,000 was realized during the year along with a capital loss of $45,000 Based on the above information, answer the following 4 questions: What...
Builtrite had sales of $700,000 and COGS of $290,000. In addition, operating expenses were calculated at...
Builtrite had sales of $700,000 and COGS of $290,000. In addition, operating expenses were calculated at 25% of sales. Interest expense was based on $100,000 of bonds outstanding with an interest rate of 7%. Builtrite also received dividends of $40,000 and paid out common stock dividends of $25,000 to its stockholders. A long-term capital gain of $55,000 was realized during the year along with a capital loss of $45,000 Based on the above information, answer the following 5 questions: 1.What...
Builtrite had sales of $700,000 and COGS of $290,000. In addition, operating expenses were calculated at...
Builtrite had sales of $700,000 and COGS of $290,000. In addition, operating expenses were calculated at 25% of sales. Interest expense was based on $100,000 of bonds outstanding with an interest rate of 7%. Builtrite also received dividends of $40,000 and paid out common stock dividends of $25,000 to its stockholders. A long-term capital gain of $55,000 was realized during the year along with a capital loss of $45,000 Based on the above information, answer the following 4 questions: 1....
Mason Yachts, a boat manufacturing company, begins business on 1/1/2017. For the transactions below, please update...
Mason Yachts, a boat manufacturing company, begins business on
1/1/2017. For the transactions below, please update the
t-accounts and the trial
balance.
On January 1, 2017, Ted Mason invest $200,000 in exchange of
1,000 shares of $1 par Common Stock.
On January 1, 2017, Mason Yachts buys $6,000 worth of office
supplies with cash.
On January 1, 2017, Mason Yachts pre-Pays the following expenses
for the next 12 months: Rent Expense $6,000 and Insurance Expense
$3,600
On January 1, 2017...
For the just completed year, Hanna Company had net income of $82,500. Balances in the company’s...
For the just completed year, Hanna Company had net income of $82,500. Balances in the company’s current asset and current liability accounts at the beginning and end of the year were as follows: December 31 End of Year Beginning of Year Current assets: Cash and cash equivalents $ 60,000 $ 76,000 Accounts receivable $ 168,000 $ 182,000 Inventory $ 430,000 $ 346,000 Prepaid expenses $ 12,000 $ 13,000 Current liabilities: Accounts payable $ 364,000 $ 394,000 Accrued liabilities $ 8,000...
Builtrite had sales of $700,000 and COGS of $280,000. In addition, operating expenses were calculated at...
Builtrite had sales of $700,000 and COGS of $280,000. In
addition, operating expenses were calculated at 25% of sales.
Builtrite also received dividends of $50,000 and paid out common
stock dividends of $25,000 to its stockholders. A long-term capital
gain of $70,000 was realized during the year along with a capital
loss of $50,000
Based on the above information answer questions 3 and 4 I think I
got 1 and 2 correct.
Question 1 2 pts What is Builtrite's taxable...
1. During the year 2017, the ABC company had sales of $1,000, cost of goods sold...
1. During the year 2017, the ABC company had sales of $1,000, cost of goods sold of $400, depreciation of $100, and interest paid of $150. Using a 34% corporate tax rate, and assuming all taxes are paid the year they are due, construct BC’s income statement for 2017. 2. The ABC Company had 100 shares of outstanding common stock at the end of 2017. Total dividends paid for 2017 were $120. Compute earnings per share (EPS) and dividends per...
please answer 5-9 1. During the year 2017, the ABC company had sales of $1,000, cost...
please answer 5-9 1. During the year 2017, the ABC company had sales of $1,000, cost of goods sold of $400, depreciation of $100, and interest paid of $150. Using a 34% corporate tax rate, and assuming all taxes are paid the year they are due, construct BC’s income statement for 2017. 2. The ABC Company had 100 shares of outstanding common stock at the end of 2017. Total dividends paid for 2017 were $120. Compute earnings per share (EPS)...
(Corporate income tax) Last year Sanderson, Inc. had sales of $3.9 million. The firm's cost of...
(Corporate income tax) Last year Sanderson, Inc. had sales of $3.9 million. The firm's cost of goods sold came to $2.4 million, its operating expenses excluding depreciation of $98,000 were $406,000, and the firm paid $151,000 in interest on its bank loans. Also, the corporation received 49,000 in dividend income from a company in which it owned less than 20 percent of its shares) but paid $23,000 in the form of dividends to its own common stockholders. Use the corporate...
Mason Yachts, a boat manufacturing company, begins business on
1/1/2017. For the transactions below, please update the
t-accounts and the trial
balance.
On January 1, 2017, Ted Mason invest $200,000 in exchange of
1,000 shares of $1 par Common Stock.
On January 1, 2017, Mason Yachts buys $6,000 worth of office
supplies with cash.
On January 1, 2017, Mason Yachts pre-Pays the following expenses
for the next 12 months: Rent Expense $6,000 and Insurance Expense
$3,600
On January 1, 2017...
Builtrite had sales of $700,000 and COGS of $280,000. In
addition, operating expenses were calculated at 25% of sales.
Builtrite also received dividends of $50,000 and paid out common
stock dividends of $25,000 to its stockholders. A long-term capital
gain of $70,000 was realized during the year along with a capital
loss of $50,000
Based on the above information answer questions 3 and 4 I think I
got 1 and 2 correct.
Question 1 2 pts What is Builtrite's taxable...
(Corporate income tax) Last year Sanderson, Inc. had sales of $3.9 million. The firm's cost of goods sold came to $2.4 million, its operating expenses excluding depreciation of $98,000 were $406,000, and the firm paid $151,000 in interest on its bank loans. Also, the corporation received 49,000 in dividend income from a company in which it owned less than 20 percent of its shares) but paid $23,000 in the form of dividends to its own common stockholders. Use the corporate...
Most questions answered within 3 hours.
-
Use the following set of observed frequencies to test the
independence of the two variables. Variable...
asked 12 minutes ago -
Two kg of ice at -15 °C are placed in a 2 kg bath of water...
asked 12 minutes ago -
Describe the following with suitable
examples.
1- Security Policy Heterogeneity
2-Security Model Heterogeneity
3-Security Mechanism Heterogeneity...
asked 13 minutes ago -
Please Identify the Term "Determinism" in Psychology
asked 12 minutes ago -
The table below represents the number of republicans, democrats
and independent voting on a specific issue....
asked 17 minutes ago -
List and compare different forms of passive transport and active
transport.
asked 25 minutes ago -
In Netherland Dwarf rabbits, dwarf size is determined by allele
N, and normal-size by allele n....
asked 31 minutes ago -
During Heaton Company’s first two years of operations, it
reported absorption costing net operating income as...
asked 46 minutes ago -
Consider testing the
hypotheses:
H0: p = 0.56
H1: p > 0.56
where p is
the...
asked 49 minutes ago -
In a two-factor analysis of variance a main effect is defined as
____.
a. the unique...
asked 56 minutes ago -
A bank's loan officer rates applicants for credit. The ratings
are normally distributed with a mean...
asked 57 minutes ago -
Fill in the following information for Adipic Acid: molecular
weight, g or ml, mole, melting point,...
asked 1 hour ago