fixed relate le 4.3. Here is financial statement information on four not-for-profit clinics: December 31, 2019: Assets Liabilities Net assets December 31, 2020: Assets Liabilities Net assets During 2020: Total revenues Total expenses Pittman $80,000 50,000 a b 55,000 45,000 C 330,000 Rose $100,000 d 60,000 130,000 62,000 e 400,000 f Fill in the missing values labeled a through 1. Beckman Jaffe g $75,000 45,000 180,000 h 110,000 360,000 $150,000 j 90,000 k 80,000 145,000 500,000 1

fixed relate le 4.3. Here is financial statement information on four not-for-profit clinics: December 31, 2019: Assets Liabilities Net assets December 31, 2020: Assets Liabilities Net assets During 2020: Total revenues Total expenses Pittman $80,000 50,000 a b 55,000 45,000 C 330,000 Rose $100,000 d 60,000 130,000 62,000 e 400,000 f Fill in the missing values labeled a through 1. Beckman Jaffe g $75,000 45,000 180,000 h 110,000 360,000 $150,000 j 90,000 k 80,000 145,000 500,000 1

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter28: Income Taxati On Of Trusts And Estates

Section: Chapter Questions

Problem 19P

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Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________
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Excerpts of financial data of Matend Projects Limited for 2019 are as follows: Statement of Comprehensive Income for the year ended 31 December 2019 R Revenue (all credit) 3 000 000 Gross profit 1 050 000 Operating profit 450 000 Profit before tax 420 000 Profit after tax 252 000 Statement of Financial Position as at 31 December 2019 R Assets Non-current assets 585 000 Inventories 270 000 Accounts receivable 180 000 Cash 105 000 1 140 000 Equity and liabilities Equity 750 000 Long-term loan 255 000 Accounts payable 135 000 1 140 000 Required Calculate and comment on the following ratios for 2019. (Where applicable, round off answers to two decimal places. Ratios for 2018 are provided in brackets): 3.1 Gross margin (2018: 40.45%) (5) 3.2 Debtor collection period (2018: 36.54 days) 3.3 Return on equity (2018:…
The following information is available for CANDY GH, a limited liability company:Statement of Profit or Loss and Other Comprehensive Income for the Year Ended 31st December, 2020 GH¢ Revenue7,659 Cost of sales(5,442) Gross profit2,217 Operating expenses(1,167) Operating profit1,050 Interest expenses(150) Operating before tax900 Tax expense(420) Net profit transferred to reserve480 Statement of Financial Position as at 31st December: 2020 2015 GH¢ GH¢ ASSETS Noncurrent assets Property, Plant & Equipment Cost2,160 1,785 Accumulated depreciation (1,020) (870) Carrying value1,140 915 Intangible assets750 600 Investment propertiesNil 75 Current assets1,776 1,254 Inventory450 306 Receivables1,170 945 Cash156 3 Total assets3,666 2,844 EQUITY AND LIABILITIES Equity Stated capital1,380 1,173 Retained earnings780 540 Noncurrent liabilities510 150 12% Debenture510 150 Current liabilities Trade payable381 357 Bank overdraft255 294 Taxation360 330 Equity and…
A company makes the following journal entry for 2021: Dr. Income Tax Expense xxxx Dr. Deferred Tax Asset 62,000 Cr. Deferred Tax Liability 11,000 Cr. Income Tax Payable 536,000 On the income statement, the current portion of income tax expense for 2021 appears as: _______________.