Oversees Corporation reported the following income and expense items for the year: Gross receipts from sales $70,000 Dividends received from 18% owned domestic corporation $50, 000 Expenses connected with sales 40,000 The taxable income of Island Corporation is
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- Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.Carter Corporation reports the following for the current taxable year: Gross income from operations $660,000 Dividends from 25%-owned corporation $300,000 Operating expenses $700,000 What is Carter’s taxable income?In its first year of operations corporation Lauzer has the following results for the year: Gross income from operations $700,000 operating deductible expenses (200,000) short term capital gains 5,000 short term capital losses (14,000) long term capital gains 8,000 long term capital losses 3,000 What is the corporation's taxable income for the year?
- Radnor Corporation reports the following results for the current year: Gross profits on sales $135,000 Long-term capital loss $ 15,000 Short-term capital loss $4,000 Dividends from 60% owned domestic corporation $20,000 Operating expenses $ 55,000 Charitable contributions $15,000 What are Radnor's taxable income and income tax liability? What carrybacks and carryovers are available? If any?The following are the composition of the total gross income of a domestic corporation which is subject to MCIT: sales (net of discount and allowances) 4,000,000.00 less: cost of sales 2,400,000.00 gross income dividends income 1,600,000.00 100,000.00 royalty income gain on sale of building total gross income 250,000.00 150,000.00 2,100,000.00 1. What is the regular corporate income tax, if the corporation has a total allowable deduction of 1,700,000? 2. What is the MCIT? 3. What is the minimum corporate income tax? MPG institute reported the following: related unrelated total 200,000.00 500,000.00 300,000.00 100,000.00 100,000.00 200,000.00 Gross income deductions taxable income 200,000.00 100,000.00 300,000.00 1. What is the tax due if the corporation is an exempt non-profit corporation? 2. Wht is the tax due if the corporation is a proprietary educational institution or non profit hospital?Radnor Corporation reports the following results for the current year: Gross profits on sales $135,000 Long-term capital loss $ 15,000 Short-term capital loss $ 4,000 Dividends from 60% owned domestic corporation $20,000 Operating expenses $ 55,000 Charitable contributions $15,000 What are Radnor’s taxable income and income tax liability?
- A domestic corporation, in its third year of operations, had: Gross Income P2,100,000 Expenses and Losses 800,000 Compute for the income tax if: Choosing the Itemized Deductions Using Optional Standard DeductionDuring the current year, The Jupiter Company, which is an S corporation, had the following items of income andexpenses: Income:Gross income from operations $150,000Interest income 5,000Qualified dividend income from investments 800Deductions:Compensation of Officers 67,000State taxes 5,000Short-Term Capital Loss 6,000Employee benefits 3,500Contribution to Pet Haven 1,000Interest 3,000Distributions to the shareholders 75,000a. Calculate the net ordinary income.b. List all the other items which must be separately reported.c. If the S corporation is on a calendar year, when is the corporation’s tax return due?Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATIONIncome Statement Sales $ 42,900 Costs 33,900 Taxable income $ 9,000 Taxes (21%) 1,890 Net income $ 7,110 Dividends $ 2,509 Addition to retained earnings 4,601 The balance sheet for the Heir Jordan Corporation follows. HEIR JORDAN CORPORATIONBalance Sheet Assets Liabilities and Owners’ Equity Current assets Current liabilities Cash $ 2,250 Accounts payable $ 4,000 Accounts receivable 5,100 Notes payable 8,000 Inventory 8,000 Total $ 12,000 Total $ 15,350 Long-term debt $ 22,000 Owners’ equity Fixed assets Common stock and…
- During the current year, Swallow Corporation, a calendar year C corporation, has the following transactions. Income from operations $660, 000 Expenses from operations 760, 000 Dividends received from Brown Corporation 240,000 Swallow Corporation owns 12% of Brown Corporation's stock. How much is Swallow's taxable income or NOL for the year?Niler Corporation reported the following after-tax information for its current fiscal year: $35,000 income from continuing operation, $8400 income from operations of discontinued Line C, and $12500 loss on disposal of Line C. Starting with income from continuing operations, prepare a partical income statement for Niler for the current year. Ignore earnings per share.The profit and loss statement of Treadwell Ltd., an S corporation, shows $265,000 book income. Treadwell is owned equally by four shareholders. From supplemental data, you obtain the following information about items that are included in book income. (attached image) a. Compute Treadwell's nonseparately stated income or loss for the tax year. b. What would be the share of this year's nonseparately stated income or loss items for Leo Lion, one of the Treadwell shareholders? c. What is Leo Lion's share of tax-exempt interest income, if any?
