Homework Answers
Sale Price of Building (A) = $713000
Book Value of Building (B) =Cost Price - Accumulated Depreciation
= $(697,000-43000)
=$654000
Thus, Income on sale of Building (C) = A - B
= $59000
Income on Sale of Stock (D) = Selling Price - Cost Price
=$(200000-259000)
=$(59,000) loss
Net taxable Income = $813,000+$59000-$59000
=$813,000
Tax liability = 21% of Net Taxable Income
(New Corporate income tax rate has been mentioned as "21% on all taxable income" as per the recent change.)
=21% of $813,000
=$170,730
*** If you are satisfied with the solution kindly UPVOTE ? this answer. Thank You.
ALL THE BEST
Add Answer to:
Shimmer Inc. is a calendar-year-end, accrual- method corporation. This year, it sells the following long-term assets:...
Shimmer Inc. is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Asset...
Shimmer Inc. is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Asset Sales Price Cost Accumulated Depreciation Building $697,000 $675,000 $49,500 Sparkle Corporation stock 191,000 264,000 n/a Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $886,000. What are Shimmer's taxable income and tax liability for the year? (New Corporate income tax rate has been mentioned as "21% on all taxable income" as per the...
Shimmer Inc. is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Asset...
Shimmer Inc. is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Asset Building Sparkle Corporation stock Sales Price Cost $752,000 $749,000 219,000 256,000 Accumulated Depreciation $34,000 n/a Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $847,000. What are Shimmer's taxable income and tax liability for the year? Taxable income Tax liability
Shimmer Inc. is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Asset...
Shimmer Inc. is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Asset Sales Price Cost Accumulated Depreciation Building $697,000 $675,000 $49,500 Sparkle Corporation stock 191,000 264,000 n/a Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $886,000. What are Shimmer's taxable income and tax liability for the year? (New Corporate income tax rate has been mentioned as "21% on all taxable income" as per the recent change.)...
Shimmer Inc. is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Asset...
Shimmer Inc. is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Asset Building Sparkle Corporation stock Sales Price Cost $ 756,000 $735,000 228,000 284,000 Accumulated Depreciation $33,000 n/a Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $823,000. What are Shimmer's taxable income and tax liability for the year? (Assume a Corporate income tax rate as 21%.) Taxable income Tax liability
Shimmer Inc. is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Asset...
Shimmer Inc. is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Asset Sales Price Cost Accumulated Depreciation Building $728,000 $709,000 $35,500 Sparkle Corporation stock 210,000 269,000 n/a Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $809,000. What are Shimmer's taxable income and tax liability for the year? (Assume a Corporate income tax rate as 21%.) TAXABLE INCOME TAXABLE LIABILITY
Shimmer Inc. is a calendar-year-end, accrual- method corporation. This year, it sells the following long-term assets:...
Shimmer Inc. is a calendar-year-end, accrual- method corporation. This year, it sells the following long-term assets: Asset Building Sparkle Corporation stock Sales Price Cost $747,000 $691,000 139,000 248,000 Accumulated Depreciation $ 42,000 n/a Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $897,000. What are Shimmer's taxable income and tax liability for the year? (Assume a Corporate income tax rate as 21%.) Answer is complete but not entirely correct. $ 886,000...
Shimmer Inc. is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Asset...
Shimmer Inc. is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Asset Sales Price Cost Accumulated Depreciation Building $737,000 $718,000 $44,000 Sparkle Corporation stock 168,000 236,000 n/a Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $879,000. What are Shimmer's taxable income and tax liability for the year? (Assume a Corporate income tax rate as 21%.)
Shimmer Inc. is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Accumulated...
Shimmer Inc. is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Accumulated Asset sales Price Cost Depreciation Building Sparkle Corporation stock $704,000 $693,000 136,000 187,000 $40,000 n/a Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $854,000 What are Shimmer's taxable income and tax liability for the year? (New Corporate income tax rate has been mentioned as "21% on all taxable income" as per the recent change.)...
Shimmer Inc. is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Accumulated...
Shimmer Inc. is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Accumulated Asset sales Price Cost Depreciation Building Sparkle Corporation stock $704,000 $693,000 136,000 187,000 $40,000 n/a Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $854,000 What are Shimmer's taxable income and tax liability for the year? (New Corporate income tax rate has been mentioned as "21% on all taxable income" as per the recent change.)...
Shimmer Inc. Is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Sales...
Shimmer Inc. Is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Sales Accumulated Depreciation $42,000 Price Asset Cost Building Sparkle Corporation $747,000 $691,000 139,000 n/a stock 248,000 Shimmer does not sell any other assets during the year, and its taxable income before these transactlons Is $897,000. What are Shimmer's taxable income and tax liability for the year? (Assume a Corporate income tax rate as 21 %.) Taxable income Tax liability
Shimmer Inc. is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Asset Building Sparkle Corporation stock Sales Price Cost $752,000 $749,000 219,000 256,000 Accumulated Depreciation $34,000 n/a Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $847,000. What are Shimmer's taxable income and tax liability for the year? Taxable income Tax liability
Shimmer Inc. is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Asset Building Sparkle Corporation stock Sales Price Cost $ 756,000 $735,000 228,000 284,000 Accumulated Depreciation $33,000 n/a Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $823,000. What are Shimmer's taxable income and tax liability for the year? (Assume a Corporate income tax rate as 21%.) Taxable income Tax liability
Shimmer Inc. is a calendar-year-end, accrual- method corporation. This year, it sells the following long-term assets: Asset Building Sparkle Corporation stock Sales Price Cost $747,000 $691,000 139,000 248,000 Accumulated Depreciation $ 42,000 n/a Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $897,000. What are Shimmer's taxable income and tax liability for the year? (Assume a Corporate income tax rate as 21%.) Answer is complete but not entirely correct. $ 886,000...
Shimmer Inc. is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Accumulated Asset sales Price Cost Depreciation Building Sparkle Corporation stock $704,000 $693,000 136,000 187,000 $40,000 n/a Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $854,000 What are Shimmer's taxable income and tax liability for the year? (New Corporate income tax rate has been mentioned as "21% on all taxable income" as per the recent change.)...
Shimmer Inc. is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Accumulated Asset sales Price Cost Depreciation Building Sparkle Corporation stock $704,000 $693,000 136,000 187,000 $40,000 n/a Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $854,000 What are Shimmer's taxable income and tax liability for the year? (New Corporate income tax rate has been mentioned as "21% on all taxable income" as per the recent change.)...
Shimmer Inc. Is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Sales Accumulated Depreciation $42,000 Price Asset Cost Building Sparkle Corporation $747,000 $691,000 139,000 n/a stock 248,000 Shimmer does not sell any other assets during the year, and its taxable income before these transactlons Is $897,000. What are Shimmer's taxable income and tax liability for the year? (Assume a Corporate income tax rate as 21 %.) Taxable income Tax liability
Most questions answered within 3 hours.
-
During the past six months, 73.2 percent of US households
purchased sugar. Assume that these expenditures...
asked 4 minutes ago -
Which is a possible value for the principal quantum number
n?
7, 3.14 , 2.5, None...
asked 7 minutes ago -
Everyone loves a helium filled balloon for a party. Do some
basic Internet research and answer...
asked 6 minutes ago -
Here is a pair of aromatic compounds that each have a complicated
set of aromatic peaks....
asked 25 minutes ago -
As with many public goods, determining the appropriate level of
government support for the production of...
asked 29 minutes ago -
Write a balanced chemical equation for the oxidation reaction
between Caro’s acid (H2SO5) and CN– ion...
asked 31 minutes ago -
Calculate the number of valence electrons for
[Mo(C6H6)(CO)3]
asked 42 minutes ago -
Which of the following are true about the strength of the
association between two variables?
1-...
asked 38 minutes ago -
You are a monopolist and know that your consumers have a linear
demand curve. At what...
asked 37 minutes ago -
Raising a heavy load requires work. Raising it in half the time
requires:
asked 44 minutes ago -
MGT-201: Marketing Management
Before deciding on the structure of the channel marketers must
take several factors...
asked 44 minutes ago -
1. ACLs allow a router to control traffic within a network. The
concept is very similar...
asked 45 minutes ago