Apo Don't upload any image please Given the information below, the D.P.S. isAdmin expRet ear10IncomesDepreciation(A) 1.04(B) 3.454.7511.94$95.800,00 Costs$620.000,00 Salaries$1.520.000,00 Prefered stock dividends$45.000,00 Ret ear11$753.000,00 Tax$80.000,00 Inventories$100.000,00 #Shares outstan$710.000,00 Interest expense25%$450.000,00150.000$85.000,00

The dividend is the portion that is paid to the shareholders if the company earns positive income.…

Answered: Given the information below, the D.P.S.…

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter5: Corporations: Earnings & Profits And Dividend Distributions

Section: Chapter Questions

Problem 31P

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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. $_____________
E. An entity reported the following assets and liabilities at year-end: Carrying Amount Tax BaseProperty 10,000,000 7,000,000Plant and equipment 5,000,000 4,000,000Inventory 3,000,000 4,000,000Accounts receivable 2,500,000 3,000,000Liabilities 6,000,000 5,500,000The entity had made a provision for inventory obsolescence of P1,000,000. Further, an impairment loss against accounts receivable of P500,000 has been made. The tax rate is 25%.1. What amount should be reported as deferred tax liability?2. What amount should be reported as deferred tax asset?
Prepare an income statement with the information listed below: Accumulated Depreciation $ 35,000Accounts Payable $ 65,000Advertising Expense $ 20,625Prepaid Advertising $ 61,875Common Stock $ 50,000Depreciation Expense $ 12,500Dividend Payable $ 50,000Dividends $ 100,000Income Tax expense $ 48,000Income Tax Payable $ 35,000Interest Expense $ 3,750Interest Revenue $ 500Loss on Disposal of Assets $ 10,000Prepaid Rent $ 56,250Rent Expense $ 18,750Retained Earnings $ 836,875Sales Revenue $ 300,000Utilities Expense $ 8,750Utilities Payable $ 7,000Wage Expense $ 41,250Wages Payable $ 10,125
3 - Profit for the Period 440.000Corporate Tax (96,800)Net Profit for the Period After Taxes 343,200Previous Year Losses (?)I. Order Legal Reserves (22.000)Distributable Net Profit for the Period 286,200 According to the information in the table, how much of the previous year's loss of the joint stock company has been deducted?A) 10,800B) 35,000C) 21,200D) It cannot be calculated.E) 25,000
stof sestion Simmons Corporation reports the following information: Correction of understatement of depreciation expense in prior years, net of tax: § 430,000; Dividends declared: 320,000; Net income: 1,000,000 and Retained eamings, retained eamings, 1/1/07, as adjusted at Oa Ob. Oc Od $1,570,000. $2,430,000. $3,110,000. $2,000,000. 1/1/07, as reported 2,000,000, Simmons should report
D. An entity reported the following information during the first year of operations:Pretax financial income 9,000,000Nontaxable interest received 1,000,000Nondeductible life insurance premiums paid 500,000Long-term loss accrual in excess of deductible amount 1,500,000Tax depreciation in excess of financial depreciation 2,000,000Income tax rate 25%1. What is the current tax expense?2. What is the total tax expense?3. What is the deferred tax liability at year-end?4. What is the deferred tax asset at year-end?
Moorman Corporation reports the following information: Correction of overstatement of depreciation expense in prior years, net of tax $ 430,000 Dividends declared 320,000 Net income 1,000,000 Retained earnings, 1/1/10, as reported 2,000,000 Moorman should report retained earnings, 31/12/10, as adjusted at Select one :- a. $3,110,000 b. $2,250,000 c. $3,430,000 d. $1,820,000
Refer to the following financial information of Scholz Company: NOPAT 8.250.000.00 EBITDA 17,725.000.00 Net Income 5,050,000.00 Capital Expenditures 6,820,000.00 After tax capital costs 6,280.000.00 Tax rate 40% 1. Calculate the Company's depreciation and amortization expense 2. calculate its interest expense. Use 2 decimal places for your final answer. 3. calculate its EVA. Use 2 decimal places for your final answer.
1. Refer to the following financial information of Scholz Company: NOPAT 8,250,000.00 EBITDA 17,725,000.00 Net Income 5,050,000.00 Capital Expenditures 6,820,000.00 After tax capital costs 6,280,000.00 Tax rate 40% Calculate the Company’s depreciation and amortization expense 2. Refer to Scholz Company, calculate its interest expense. Use 2 decimal places for your final answer. 3. Refer to Scholz Company, calculate its EVA. Use 2 decimal places for your final answer.
The following are the trial balances of H Ltd and S Ltd at 31 December 2018.H Ltd S LtdNon-current assets (PPE) 185 000 85 000Share Capital (200 000) (80 000)Retained earnings (01/01/2018) (52 200) (30 000)Investment in S Ltd, at cost 65 000Deferred taxation (2 000) (1 000)Long term liabilities (18 000) (4 000)Current assets 55 200 49 000Profit before tax (45 000) (25 000)Taxation 12 000 6 000Additional information:• H Ltd acquired 60% of the shares in S Ltd on 31 December 2016 when the retained earnings for S Ltd was R20 000.• S Ltd purchased all its inventories from H Ltd at cost price plus 25%. The inventories on S Ltd’s books amounted to R3 600 at 31 December 2017 and R10 800 at 31 December 2018. • Assume that the cost price or carrying amount equals the current fair value.Required:Prepare the abbreviated consolidated Statement of Financial Position of H Ltd and its subsidiary.
During 20X5, X co. had the following income and expenses: Gross income from operations $3,000,000 Business expenses <1,400,000> Dividends received from Y co. (32% owned by X co.) 400,000 Capital gains 150,000 Capital loss carry forward <183,000> Net operating loss carry forward <25,000> a. Determine X co.’s dividends received deduction in 20X5? b. Determine X co.’s dividends received deduction in 20X5 assuming that there was no NOL carry forward and X co.’s business expenses were: (i) $3,050,000 or (ii) $3,200,000
Breanna Inc. Accounts receivable$10,700Accumulated depreciation 50,800Cost of goods sold 123,000Income tax expense 8,000Cash 62,000Net sales 201,000Equipment 128,000Selling, general, and administrative expenses 32,000Common stock (8,700 shares) 90,000Accounts payable 14,300Retained earnings, 1/1/19 30,000Interest expense 5,600Merchandise inventory 38,600Long-term debt 38,000Dividends declared and paid during 2019 16,200 Item1 Time Remaining 2 hours 32 minutes 36 seconds 02:32:36 Item 1 Time Remaining 2 hours 32 minutes 36 seconds 02:32:36 The information on the following page was obtained from the records of Breanna Inc.: Accounts receivable $ 10,700 Accumulated depreciation 50,800 Cost of goods sold 123,000 Income tax expense 8,000 Cash 62,000 Net sales 201,000 Equipment 128,000 Selling, general, and administrative expenses 32,000 Common stock (8,700 shares) 90,000 Accounts payable 14,300 Retained earnings, 1/1/19…

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