Homework Answers
1). 1,213,200
Calculation
| DETAILS/PARTICULARS | AMOUNT ($) |
| Sales revenue (Gross revenue) | 2,300,000 |
| Cost of goods sold (Less) | 952,000 |
| GROSS PROFIT | 1,348,000 |
| Charitable contributions (Less) | 134,800 |
| TAXABLE INCOME | 1,213,200 |
Notes
a). Charitable contributions are 10% of taxable income. So,
Charitable contributions =10%*$1,348,000= $134,800
b). Capital Losses cannot be deducted as there are no capital gains present.
c). Donations to elections campaign is not tax deductible.
2). No
GPP’s does not have an NOL carry-forward to 2019.
3). Yes, GPP’s have a capital loss carry-forward to 2019.
Calculation
The sum of long-term capital loss and the capital loss carryover from 2016:
=$48,000+$15,000
=$63,000
4). Yes, Charitable contributions carryover to 2019 is $200. This can be carried over for 5 years.
Calculation
Charitable contributions carryover=$135,000 - $134,800
=$200
Add Answer to:
Facts: ✓ Greco Glass Products ("GGP") is a C Corporation. ✓ GGP had gross revenue from...
ACCT553 Week 5 Homework (TCOs C and F) Please provide a response for each section in...
ACCT553 Week 5 Homework (TCOs C and F) Please provide a response for each section in the space provided below When finished, subme to the assignment. Worth 135 points In Week 4, we learned to apply concepts and principles to measure taxable income derived from a business activity. We have identified the corporation as a basic legal form of conducting business. Apply what you have learned in this course through Week 5 to review the facts provided below and address...
ACC 511 Calculation of Corporate Taxable income - Hammil Corporation The Hammil Corporation reported the following...
ACC 511 Calculation of Corporate Taxable income - Hammil Corporation The Hammil Corporation reported the following items of income and expense for the current year, 2019: Operating income $ 315,000 Dividend income (30%-owned corporation) 80,000 Long-term capital gains 55,000 Short-term capital gains 20,000 Charitable contributions of cash 30,000 $ Hammil Corporation also reported the following: Long-term capital loss C/F from 2018 NOL C/F from 2017 Charitable contribution C/F from 2016 Estimated federal income tax payments made during the current year...
the questions are highlighted in yellow loss co had the following items of income and deductions...
the questions are highlighted in yellow
loss co had the following items of income and deductions fir the
current year
in addition, loss co has the following capital loss carry
forward and NOL carry forward schedules. update the carry over
tables after each year.
calculate the dividends recieved deduction and net operatibg
loss for the following three years
н B C D E F G Dividends Received Deduction and Net Operating Loss Example Loss Co. had the following items of...
Washington Plaza, Inc. reported the following activity during the year: Gross Profit $82,176,042 Dividends Received from...
Washington Plaza, Inc. reported the following activity during the year: Gross Profit $82,176,042 Dividends Received from 24% owned domestic corporation $179,000 Operating Expenses $57,690,750 Capital Gains $9,346,247 Capital Losses $8,911,634 Charitable Contributions $6,533,611 In addition, the corporation has a net operating loss carryforward from 2015 amounting to $24,439,446. a) How much is the corporation's taxable income and tax liability this year? (30 points) b) What carryovers are available to the corporation in future years? (10 points) gross profit Dividenc 24%...
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 Builtrite has $7,000 in interest expense, how much does this interest...
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...
Question 2 (50 points in total) Question based on modified problems 4.3 from the reference text [Flynn (2009)] from...
Question 2 (50 points in total) Question based on modified problems 4.3 from the reference text [Flynn (2009)] from page 135 of the textbook: Create a balance sheet template and prepare a balance sheet for the company at the end of two years of operation (30 points): a. The company has gross sales of $48 million per year and the pattern of sales is even, i.e. there is no cyclical pattern to sales. b. Customers are large firms with a...
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....
Cost-Volume-Profit Analysis (12 points) Gamma manufacturing company, had revenue of $1,200,000 and a gross margin of...
Cost-Volume-Profit Analysis (12 points) Gamma manufacturing company, had revenue of $1,200,000 and a gross margin of 25% on revenue during 2018, its first year of operations. Its fixed non-manufacturing costs were $150,000 and there were no variable non-manufacturing costs. The company's contribution margin was 40% of revenue. It had no work in process and finished goods inventories at the end of the year. Required: 1) What is the first-year operating Income? 3) What were Gamma's fixed manufacturing costs and variable...
ACCT553 Week 5 Homework (TCOs C and F) Please provide a response for each section in the space provided below When finished, subme to the assignment. Worth 135 points In Week 4, we learned to apply concepts and principles to measure taxable income derived from a business activity. We have identified the corporation as a basic legal form of conducting business. Apply what you have learned in this course through Week 5 to review the facts provided below and address...
ACC 511 Calculation of Corporate Taxable income - Hammil Corporation The Hammil Corporation reported the following items of income and expense for the current year, 2019: Operating income $ 315,000 Dividend income (30%-owned corporation) 80,000 Long-term capital gains 55,000 Short-term capital gains 20,000 Charitable contributions of cash 30,000 $ Hammil Corporation also reported the following: Long-term capital loss C/F from 2018 NOL C/F from 2017 Charitable contribution C/F from 2016 Estimated federal income tax payments made during the current year...
the questions are highlighted in yellow
loss co had the following items of income and deductions fir the
current year
in addition, loss co has the following capital loss carry
forward and NOL carry forward schedules. update the carry over
tables after each year.
calculate the dividends recieved deduction and net operatibg
loss for the following three years
н B C D E F G Dividends Received Deduction and Net Operating Loss Example Loss Co. had the following items of...
Washington Plaza, Inc. reported the following activity during the year: Gross Profit $82,176,042 Dividends Received from 24% owned domestic corporation $179,000 Operating Expenses $57,690,750 Capital Gains $9,346,247 Capital Losses $8,911,634 Charitable Contributions $6,533,611 In addition, the corporation has a net operating loss carryforward from 2015 amounting to $24,439,446. a) How much is the corporation's taxable income and tax liability this year? (30 points) b) What carryovers are available to the corporation in future years? (10 points) gross profit Dividenc 24%...
Question 2 (50 points in total) Question based on modified problems 4.3 from the reference text [Flynn (2009)] from page 135 of the textbook: Create a balance sheet template and prepare a balance sheet for the company at the end of two years of operation (30 points): a. The company has gross sales of $48 million per year and the pattern of sales is even, i.e. there is no cyclical pattern to sales. b. Customers are large firms with a...
Cost-Volume-Profit Analysis (12 points) Gamma manufacturing company, had revenue of $1,200,000 and a gross margin of 25% on revenue during 2018, its first year of operations. Its fixed non-manufacturing costs were $150,000 and there were no variable non-manufacturing costs. The company's contribution margin was 40% of revenue. It had no work in process and finished goods inventories at the end of the year. Required: 1) What is the first-year operating Income? 3) What were Gamma's fixed manufacturing costs and variable...
Most questions answered within 3 hours.
-
The following base sequence is found for a mRNA fragment from
wild-type E. coli: 5'- UAUCAGUAGAUAAUGUAACC-3'...
asked 10 minutes ago -
For this exercise, round all regression parameters to three
decimal places.
One of the two tables...
asked 28 minutes ago -
What is the 5% level of significance for mean = 3.60, standard
deviation = 0.94, and...
asked 32 minutes ago -
Prior to beginning work on this discussion, please read the
article by Hayley Peterson, 15 Companies...
asked 1 hour ago -
Which pair of aqueous solutions, when mixed, will form a
precipitate?
A) NaNO3 and AgC2H3O2
B)...
asked 1 hour ago -
1-Write an algorithm to get two numbers from the user (as
inputs) and calculate the sum...
asked 4 hours ago -
Define white-collar crime. What is the difference between
offender and offense-based definitions of white-collar crime? What...
asked 5 hours ago -
Consider a reaction which is 1st order with respect to A and 1st
order with respect...
asked 5 hours ago -
c++
The length of the hypotenuse of a right-angled triangle is the
square root of the...
asked 5 hours ago -
When a metal rod is heated, not only its resistance but also its
length and cross‐sectional...
asked 5 hours ago -
write a c++ program that computes the L^1 - Norm of a given
vector (L^1 norm...
asked 5 hours ago -
A manufacturer of banana chips would like to know whether its
bag filling machine works correctly...
asked 5 hours ago