Below, we have the corporate tax table that was applicable 2017 and as shown in Table 2.3 (eTaxable income isgreater than orButequal to...less than...Тах rate2450,00015%50,00175,0002575,001100,00034100,001335,00039335,00110,000,0003410.000,00115,000,0003515,000,00118,333,3333818.333.33435a. Create a tax table in Excel for corporate taxes similar to the individual tax table shown above. Your spreadsheet should tcalculate the marginal tax rate, the average tax rate, and the tax bill for any level of taxable income input by a user.b. For a taxable income of $1.350,000, what is the marginal tax rate?c. For a taxable income of $1,350,000, what is the total tax bill?d. For a taxable income of S1,350,000, what is the average tax rate? CHALLENGE(Questions 20-22)Net Fixed Assets and Depreciation [LO4] On the balance sheet, the net fixed assets (NFA) account is equal to the gross20.fixed assets (FA) account (which records the acquisition cost of fixed assets) minus the accumulated depreciation (AD)account (which records the total depreciation taken by the firm against its fixed assets). Using the fact that NFA = FA –AD, show that the expression given in the chapter for net capital spending. NFAcad - NFAeg + D (where D is thedepreciation expense during the year), is equivalent to FAend - FAserUse the following information for Taco Swell, Inc., for Problems 21 and 22 (assume the tax rate is 21 percent):20172018SalesS16,549SI8,498Depreciation2.3762.484Cost of goods sold5.6906,731Orher expenев1,3531,178Interest1.1101.325Cash8.6769.247Accounts receivableI1.4SS13,482Short-term notes payable1,6741.641Long-term debt29.06035.229Net fixed asseta72.77077.610Accounts payable6,2696.640Inventory20,42421,862Dividends1.9792.31421.Financial Statements [LO1) Draw up an income statement and balance sheet for this company for 2017 and 2018.22.Calenlating Cash Flow [LO4] For 2018, calculate the cash flow from assets, cash flow to creditors, and cash flow tostockholders.Excel Master It! Problemxlsx Using Excel to find the marginal tax rate can be accomplished using the VLOOKUP function. However, calculating thetotal tax bill is a little more difficult. Below we have shown a copy of the IRS tax table for an unmarried individual for2018. Often, tax tables are presented in this format.If taxableincome isBut notover ...The tax is:over ...$ 9,52510% of the amount over S09,52638,700 $952.50 plus 15% of the amount over $9,52538,70193.700$5,328.75 plus 25% of the amount over $38,70093,701195,450$19.078.75 plus 28% of the amount over $93,700195,451424,950$47,568.75 plus 33% of the amount over $195,450424,951426,700$123,303.75 plus 35% of the amount over $424.950426,701$123,916.25 plus 39.6% of the amount over $426.700In reading this table, the marginal tax rate for taxable income less than S9,525 is 10 percent. If the taxable income is between$9,525 and $38,700, the tax bill is $952.50 plus the marginal taxes. The marginal taxes are calculated as the taxableincome minus S9.525 times the marginal tax rate of 15 percent.Page

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Description: Below, we have the corporate tax table that was applicable 2017 and as shown in Table 2.3 (eTaxable income isgreater than orButequal to...less than...Тах rate2450,00015%50,00175,0002575,001100,00034100,001335,00039335,00110,000,0003410.000,00115,000

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Taxable income is greater than or But equal to. less than... Tax rate $ 50,000 15% 50.001 75,000 25 75,001 100,000 34 100.001 335,000 39 335,001 10.000,000 34 10.000.001 15.000.000 35 15.000,001 18.333,333 38 18.333.334 35 a. Create a tax table in Excel for corporate taxes similar to the individual tax table shown above. Your spreadsheet should calculate the marginal tax rate, the average tax rate, and the tax bill for any level of taxable income input by a user. b. For a taxable income of S1.350,000, what is the marginal tax rate? c. For a taxable income of S1.350,000, what is the total tax bill? d. For a taxable income of SI.350.000, what is the average tax rate?

Taxable income is greater than or But equal to. less than... Tax rate $ 50,000 15% 50.001 75,000 25 75,001 100,000 34 100.001 335,000 39 335,001 10.000,000 34 10.000.001 15.000.000 35 15.000,001 18.333,333 38 18.333.334 35 a. Create a tax table in Excel for corporate taxes similar to the individual tax table shown above. Your spreadsheet should calculate the marginal tax rate, the average tax rate, and the tax bill for any level of taxable income input by a user. b. For a taxable income of S1.350,000, what is the marginal tax rate? c. For a taxable income of S1.350,000, what is the total tax bill? d. For a taxable income of SI.350.000, what is the average tax rate?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter5: Adjusting Entries And The Work Sheet

Section: Chapter Questions

Problem 5TF: LO1 The purpose of depreciation is to record the assets market value in the accounting records.

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11. The valuation of assets in the balance sheet is based primarily upon: What it would cost to replace the assets. Cost, because cost is usually factual and verifiable. Current fair market value as established by independent appraisers. Cost, because in the event of liquidation, the assets would be sold at an amount equal to their original cost. 12. Which one of the following equations correctly expresses the relationship between assets (A), liabilities (L), revenues (R), expenses (E) and capital (C)? (a) A = L + R + E + C (b) A = C + L + (R-E) (c) A = C - (R - E) + L (d) A = (L - C) + (R - E) 13. Which of the following would be added to net income using the indirect method? An increase in accounts receivable An increase in prepaid expenses Depreciation expense A decrease in accounts payable 14. Unpaid expenses may be included as an expense on the income statement. True False…
Refer to the situation described in BE 11–16. Assume that SCC’s fair value of $40 million approximates fairvalue less costs to sell and that the present value of SCC’s estimated future cash flows is $41 million. If WebHelper prepares its financial statements according to IFRS and SCC is considered a cash-generating unit, whatamount of impairment loss, if any, should WebHelper recognize?
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Two capital assets display the following: E(RA) = 12% σA = 1.5% E(RB) = 15% σB = 1.0% If asset A´s return is 5% below the Capital Market Line (CML), and asset B´s return is 1% below the CML, what is the equation of the CML? a) E(Ri) = 0.1203 − 0.02σi b) E(Ri) = 0.09 + 2σi c) E(Ri) = 0.1227 + 0.02σi d) E(Ri) = 0.15 − 2σi e) E(Ri) = 0.14 + 2σi
LO1 The purpose of depreciation is to record the assets market value in the accounting records.
10.-One of the following verbs corresponds to this definition: "a financial process by which a debt is gradually extinguished by means of periodic payments that may be equal or different". A) Capitalize B) Amortize C) Accrue D) Depreciate Wich?
Q6. Identify the correct statement in each group? Note: There is one correct answer in each group of 3 - select the appropriate letter(i) If Property, plant and equipment is revalued upwards at the start of the year it will resultin:A. A higher profit for the yearB. No change to profit for the yearC. A lower profit for the year(ii) Property, plant and equipment revaluations:D. The revaluation gain is released to the Statement of profit or loss when the asset is soldE. PPE can only be revalued if a fair value can reliably be determinedF. Where a policy of revaluation is chosen, the asset must be revalued each year
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