1. Genera Corporation reported federal taxable income of $1,000,000. During the year it received $15,000 of interest income on Federal bonds, and paid $105,000 of state income taxes. Under the general definitions used in the text, what is Genera's state taxable income? Please list your reference page. Thanks.
If you are looking at tax issues relating to a liquidation, is it better to be an S corporation or a C corporation? Describe the pros and cons of each. Please include the reference pages. Many thanks.
Please help me to understand how to complete the following: Assuming that I am in the highest tax bracket of 39 percent. I know that this basically means that a taxpayer will pay 39 percent of his/her income to the government. An amount will be paid based on the portion of his/her income in each tax bracket up to total income
Please see the attachment. When a company recognizes depreciation on manufacturing equipment: a. Total assets increase. b. Total assets, equity, and net income decrease. c. Total assets, equity, and net income are not affected. d. None of the above. Western Company purchased direct materials on
Would you please explain how the following should be recorded? A building used for the primary work establishment which has a recurring payment as well as an additional interest payment? Vehicles used for business purposes which have recurring payments as well as an additional interest payment?
A company regularly sells TVs for $200. The following data per TV is based on full capacity of 12,00 TVs produced each period: Direct materials: $75 Direct labor: $55 Manufacturing overhead (76% variable and 25% unavoidable fixed): $48 The company received an order for a sale of 2,500 TVs to an overseas customer. The o
Please answer the attached question.
I2-50 Computation of Tax. Georgia, a single taxpayer, operates a business that produces $100,000 of income before any amounts are paid to her. She has no dependents and no other income. She has itemized deductions of $18,000. Compute the total income tax that would be paid assuming the following additional facts. Ignore pa
For the following four cases, use the accounting equation to compute the missing quantity. Assets Liabilities Owners' Equity Case A $10,000 $ 4,000 A Case B 8,000 B $3,500 Case C C 5,500 7,000 Case D 13,000 15,000 D Using the following information, compute total current assets. Land $ 9,000
Hillside Company has an annual plant capacity of 3,000 units. Data concerning this product are given below: Annual sales at regular selling prices............ 2,500 units Manufacturing costs: Variable............................................... $20 per unit Fixed (annual)....................................... $75,
For my assignment I was asked to complete a journal for the Portand After School Program. I have completed it, but I know I did something wrong because when I try to do the second part which is a trial balance it is not balancing out right. Can some one please help me correct my mistakes? (a) July 1, 20XX? Received unrestr
EBIT-EPS and capital structure Data-Check is considering two capital structures. The key information is shown in the following table. Assume a 40% tax rate. Source of capital Structure A Structure B Long-term debt $100,000 at 16% coupon rate $200,000
Does operating in different states with different unitary definitions affect tax planning? How?
I have to do a paper for class and I need help finding two credible sources on the topic of plagiarism.
1. For tax purposes, what is the best form of business entity to have? Why? 2. Is a budget always necessary in business? Why or why not? 3. Is a budget always necessary in personal money management? Why or why not? 4. Should individuals be taxed the same as business entities? Why or why not?
Midwest Distributing Company completed these merchandising transactions in the month of April. At the beginning of April, the ledger of Midwest showed Cash of $9,000 and Common Stock of $9,000. Apr. 2 Purchased merchandise on account from Kane Supply Co. $6,300, terms 2/10, n/30 Apr. 4 Sold merchandise on account for $5,00
21. Employees at B Corporation are paid $5,000 cash every Friday for working Monday through Friday. The calendar year accounting period ends on Wednesday, December 31. How much salary expense should be recorded two days later on January 2? a. $5,000 b. $3,000 c. None, matching requires the weekly salary to be accrued on Decem
The accounting firm I am employed with is very active in its community and is recognized as a valuable corporate citizen. Each year a team from my firm meets with the local high school seniors to discuss career opportunities in finance and taxes. This year you have been assigned to present career opportunities for tax practiti
Calculate on Excel worksheet NP7.2 ROI and Residual Income Suppose that a division of a company is treated as an investment center. Its manager is currently obtaining an ROI of 15% from existing assets of $1 million. The cost of capital (corporate discount rate) is 10%. The division manager has the option of choosing among
E6-11 Upstream Sale of Equipment in Prior Period Baywatch Industries purchased 80 percent ownership of Tubberware Corporation on January 1, 20X0, at underlying book value. On January 1, 20X6, Baywatch paid Tubberware $270,000 to acquire equipment that Tubberware had purchased on January 1, 20X3, for $300,000. The equipment is
5- Why is accounting often referred to as the "language of business"? 7- What are generally accepted accounting principles (GAAP)? Who currently develops and issues GAAP? What is the purpose of GAAP? 3-1 and 3-2 3-1 The company borrowed $125,000 in cash from Far West Bank. 3-2 The company used $45,000 in cash to pur
ABC Corp is planning an expansion. Arnold James owns a building that adjoins the current location. With little modification, the restaurant could expand into that building and double its seating capacity. Arnold has owned this property for 10 years during which it has increased in value. Arnold would like to avoid recognizin
Sunny Shine invested $4,000 at 5% annual interest, and left the money invested without withdrawing any of the interest for 10 years. At the end of the 10 years, Sunny withdrew the accumulated amount of money. 1. What amount did Sunny withdraw assuming the investment earns simple interest? 2. What amo
You have been asked by the board of trustees of a local church to review its accounting procedures. As a part of this review, you have prepared the following comments relating to the collections made at weekly services and record-keeping for members' contributions: 1. The church's board of trustees has delegated responsibili
The occurrence which most likely would have no effect on 2007 net income (assuming that all amounts involved) are material is the: 1) sale in 2007 of an office building contributed by a stockholder in 1973 2) collection in 2007 of a receivable from a customer whose account was written off in 2006 by a charge to the allowance a
PROBLEM I Sally is age 28. Sally is single. Sally is a C.P.A. but has become disenchanted with the business world and she is taking some time to find herself. She has spent 2007 living with a series of friends. Although she has received some financial assistance from family members there is no person or group of people that qua
Calculate the Division operating income for the Beta Shoe Company which manufactures only one type of shoe and has two divisions, the Sole Division, and the Assembly Division. The Sole Division manufactures soles for the Assembly Division, which completes the shoe and sells it to retailers. The Sole Division "sells" soles to the
Dakoil Corporation has two divisions, Refining and Production. The company's primary product is Enkoil Oil. Each division's costs are provided below: Production: Variable costs per barrel of oil $ 3 Fixed costs
Please help me with this: A department has budgeted monthly manufacturing overhead cost of $40,000 plus $5 per direct labor hour. The flexible budget report reflects $120,000 for total budgeted manufacturing cost for the month. What is the actual level of activity achieved during the month (OR, CAN IT NOT BE Determined?) ---
Please help me with the following: THE FOLLOWING ARE CREDIT SALES BUDGET BY BELL COMPANY: JAN $124,000 FEB 120,000 MAR 135,000 APR 140,000 MAY 142,000 Usually, the company collects 50% of the accounts receivable in the month of sale, 30% in the month following the sale, and 18% in the second mont