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24. An accountant for a corporation forgot to pay the firm's income tax on D321,014 The...
Please, provide the formula and explanation. Thanks 24. An accountant for a corporation forgot to pay...
Please, provide the formula and explanation. Thanks
24. An accountant for a corporation forgot to pay the firm's income tax on D321,014 The government charged a penalty based on an interest rate of 13.4% per year, compounded the 29 days the money was late. Find the total amount (tax and penalty) that was paid by the corporation to the government. (Use a 365-day year.) an The total amount paid (tax and penalty) was:
An accountant for a corporation forgot to pay the firms income tax of $725,789.16 on time....
An accountant for a corporation forgot to pay the firms income tax of $725,789.16 on time. The government charged a penalty of 8.9% interest for the 48 days the money was late. Find the total amount tax and penalty that was paid. Assume 365 days in a year.
A 3-month $25,000 treasury bill with a simple annual discount rate of 0.25% was sold in...
A 3-month $25,000 treasury bill with a simple annual discount rate of 0.25% was sold in 2016. Assume 365 days in a year. (a) Find the price of the treasury bill (T-bill). (b) Find the actual interest rate paid by the Treasury. (a) The price of the T-bill was $] (Round to the nearest cent as needed.) A 6-month $20,500 treasury bill with a simple annual discount rate of 0.44% was sold in 2016. Assume 365 days in a year....
The assumptions are that the IRS rate is 5%, interest calculations are based on 365 days...
The assumptions are that the IRS rate is
5%, interest calculations are based on 365 days a year and the 2018
tax filed is accurate
The options for the boxes are penalty for fraud, accuracy
related penalty, interest, late filing : failure to file penalty,
late payment : failure to pay penalty
In 2018, Peter, who is single, has a comfortable salary from his job as well as income from his investment portfolio. However, he is habitually late in filing...
(Corporate income tax) The Robbins Corporation is an oil wholesaler. The firm's sales last year were...
(Corporate income tax) The Robbins Corporation is an oil wholesaler. The firm's sales last year were $1.05 milion, with the cost of goods sold equal to $620,000 The firm paid interest of $229,250 and its cash operating expenses were $102,000. Also, the firm received $45,000 in dividend income from a firm in which the firm owned 22% of the shares, while paying only $10,000 in dividends to its stockholders. Depreciation expense was $50,000. Use the corporate tax rates shown in...
3 (10 points). a. The Talley Corporation had a taxable income of $1.000.000 from operation after...
3 (10 points). a. The Talley Corporation had a taxable income of $1.000.000 from operation after all operating costs but before: (1) interest charges of ss0.000. (2) dividends received on $15,000, (3) interest received of $10.000 (4) dividends paid of $25,000, and (5) income taxes. What are the firm's total taxable income and income tax liability assuming at 21% tax rate and 50% of the dividend received are excluded from taxable income)? b. Using the previous information, what are the...
Dewey Corporation has the following data, in thousands. Assuming a 365-day year, what is the firm's...
Dewey Corporation has the following data, in thousands. Assuming a 365-day year, what is the firm's cash conversion cycle? Annual sales = $55,000 Annual cost of goods sold = $38,500 Inventory = $4,000 Accounts receivable = $2,000 Accounts payable = $2,400 a)36 days b)21 days c)28 days d)27 days e)24 days
Problem 17-26 (a) (LO. 6) Melinda, a cash basis, calendar year taxpayer, filed a 90-day extension for her Federal i...
Problem 17-26 (a) (LO. 6) Melinda, a cash basis, calendar year taxpayer, filed a 90-day extension for her Federal income tax return without any tax payment. She paid the taxes that were due when she filed the return 65 days after the due date. a. What penalty or penalties will Melinda incur? Melinda is liable for only the failure to pay penalty b. How much will she have to pay if her additional tax is $75,000? Disregard any interest she...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue $ 620,000 Interest revenue 35,000 Gain on sale of investments 82,000 Total revenues and gains 737,000 Expenses and losses: Cost of goods sold $ 340,000 Selling expense 62,000 Administrative expense 82,000 Interest expense 19,000 Restructuring costs 58,000 Income tax expense 44,000 Total expenses and losses 605,000 Net Income $ 132,000...
The following incorrect income statement was prepared by the accountant of the AXL Corporation: AXL CORPORATION...
The following incorrect income statement was prepared by the accountant of the AXL Corporation: AXL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue $ 600,000 Interest revenue 33,000 Gain on sale of investments 80,000 Total revenues and gains 713,000 Expenses and losses: Cost of goods sold $ 330,000 Selling expense 60,000 Administrative expense 80,000 Interest expense 17,000 Restructuring costs 56,000 Income tax expense 42,500 Total expenses and losses 585,500 Net Income $ 127,500...
Please, provide the formula and explanation. Thanks
24. An accountant for a corporation forgot to pay the firm's income tax on D321,014 The government charged a penalty based on an interest rate of 13.4% per year, compounded the 29 days the money was late. Find the total amount (tax and penalty) that was paid by the corporation to the government. (Use a 365-day year.) an The total amount paid (tax and penalty) was:
A 3-month $25,000 treasury bill with a simple annual discount rate of 0.25% was sold in 2016. Assume 365 days in a year. (a) Find the price of the treasury bill (T-bill). (b) Find the actual interest rate paid by the Treasury. (a) The price of the T-bill was $] (Round to the nearest cent as needed.) A 6-month $20,500 treasury bill with a simple annual discount rate of 0.44% was sold in 2016. Assume 365 days in a year....
The assumptions are that the IRS rate is
5%, interest calculations are based on 365 days a year and the 2018
tax filed is accurate
The options for the boxes are penalty for fraud, accuracy
related penalty, interest, late filing : failure to file penalty,
late payment : failure to pay penalty
In 2018, Peter, who is single, has a comfortable salary from his job as well as income from his investment portfolio. However, he is habitually late in filing...
(Corporate income tax) The Robbins Corporation is an oil wholesaler. The firm's sales last year were $1.05 milion, with the cost of goods sold equal to $620,000 The firm paid interest of $229,250 and its cash operating expenses were $102,000. Also, the firm received $45,000 in dividend income from a firm in which the firm owned 22% of the shares, while paying only $10,000 in dividends to its stockholders. Depreciation expense was $50,000. Use the corporate tax rates shown in...
3 (10 points). a. The Talley Corporation had a taxable income of $1.000.000 from operation after all operating costs but before: (1) interest charges of ss0.000. (2) dividends received on $15,000, (3) interest received of $10.000 (4) dividends paid of $25,000, and (5) income taxes. What are the firm's total taxable income and income tax liability assuming at 21% tax rate and 50% of the dividend received are excluded from taxable income)? b. Using the previous information, what are the...
Problem 17-26 (a) (LO. 6) Melinda, a cash basis, calendar year taxpayer, filed a 90-day extension for her Federal income tax return without any tax payment. She paid the taxes that were due when she filed the return 65 days after the due date. a. What penalty or penalties will Melinda incur? Melinda is liable for only the failure to pay penalty b. How much will she have to pay if her additional tax is $75,000? Disregard any interest she...
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