The TAXABLE NET INCOME • The INCOME TAX DUE is: 2 The INCOME TAX PAYABLE is: 3.
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- Return on assets The following data (in millions) were adapted from recent financial statements of Tootsie Roll Industries Inc. (TR): The percent a company adds to its cost of sales to determine selling price is called a markup. What is Tootsie Roll’s markup percent? Round to one decimal place.Profitability ratios The following selected data were taken from the financial statements of Robinson Inc. for December 31, 2016, 2015 and 2014: December31 2016 2015 2014 Total assets......................................... 4,800,000 4,400,000 4,000,000 Notes payable (8% interest)........................... 2,250,000 2,250,000 2,250,000 Common stock...................................... 250,000 250,000 250,000 Preferred 4% stock, 100 par (no change during year)........................... 500,000 500,000 500,000 Retained earnings................................... 1,574,000 1,222,000 750,000 The 2016 net income was 372,000, and the 2015 net income was 492,000. No dividends on common stock were declared between 2014 and 2016. a. Determine the rate earned on total assets, the rate earned on stockholders equity, and the rate earned on common Stockholders equity for the years 2015 and 2016. Round to one decimal place. b. What conclusions can be drawn from these data as to the companys profitability?Return on assets The following data (in millions) were adapted from recent financial statements of Tootsie Roll Industries Inc. (TR): What is Tootsie Roll’s percent of the cost of sales to sales? Round to one decimal place.
- Sales transactions Using transactions listed in P4-2, indicate the effects of each transaction on the liquidity metric working capital and profitability metric gross profit percent. Indicate the gross profit percent for each sale (rounding to one decimal place) in parentheses next to the effect of the sale on the company’s ability to attain an overall gross profit percent of 30%.Accounting equation The total assets and total liabilities (in millions) of McDonalds Corporation (MCD) and Star-bucks Corporation (SBUX) follow:2. The following are the composition of the total gross income of a domestic corporation which is subject to MCIT in 2021: Sales (net of discouns and allowances) is 4,000,000; cost of sales is 2,400,000; dividend income is 100,000; royalty income is 250,000; and gain on sale of building is 150,000. What is the minimun corporate income tax? P35,000 P17,500 P16,000 P32,000
- 1. Current ratio is 1.8:1 with working capital amounting to P 20,000, how much must the current liabilities be? a. P 45,000 b.P36,000 c.P25,000 d.P20,000 2. Selected data from the year end financial statements of Sister Corporation are presented below : ( The difference between average and ending inventories is immaterial). Current ratio 3 Quick ratio 2.5 Current liabilities P400,000 Inventory turnover 10X Gross Profit margin is 40% Sister’s net sales for the year were : a. P 2.00 million c. P 5.0 million b. 20 million d. 3.3 million 24 – 27 You are requested to reconstruct accounts of Angel Trading for analysis. The following data were available to you: Gross margin for 2019 amounts.……………. P800,000 Beginning balance of Merchandise Inventory.. 280,000 Long-term liabilities consisted of bonds Payable with interest rate of………. 15% Total Stockholders’ Equity , Dec 31, 2019 P 625,000…A2 aii Use the following information for Delta Corporation: Year 20X1 20X2 Net sales $1,500,000 $1,656,598 Cost of goods sold 675,000 745,469 Depreciation 270,000 298,188 Interest paid 43,600 44,000 Cash 127,500 140,811 Account’s receivable 450,000 496,980 Inventory 525,000 579,809 Net fixed assets 1,800,000 1,987,918 Accounts payable 375,000 414,150 Notes payable 45,000 50,000 Long-term debt 500,000 500,000 Common stock 1,000,000 1,000,000 Retained earnings 982,500 1,241,368 Tax rate 35% 35% Dividend payout 30% 30% Delta has 600,000 common shares outstanding. The firm is projecting a 20% increase in net sales for the coming year (20X3). Delta uses the percentage of sales approach to plan for its financing needs. In using this approach, the firm assumes that cost of goods sold, all assets (current and fixed), and accounts payable will all remain a constant…You have secured the following information for Companies A, B, and C concerning their internally generated net incomes (excluding subsidiary income) and dividends paid: A B C2015 Internally generated net income . . . . $30,000 $20,000 $10,000Dividends declared and paid . . . . . . . . . . . . .10,000 5,0002016 Internally generated net income . . . . 50,000 30,000 25,000Dividends declared and paid . . . . . . . . . . . . .10,000 5,000 5,0002017 Internally generated net income . . . . 40,000 40,000 30,000Dividends declared and paid . . . . . . . . . . . . .10,000 5,000 5,0001. Assume Company A acquires an 80% interest in Company B on January 1, 2015, and Company B acquires a 60% interest in Company C on January 1, 2016. Prepare the simple equity method adjusting entries made by Companies A and B for subsidiary…
- Oreo reported the following for the period:Sales P1,000,000Cost of Sales P300,000Operating expenses P100,000Determine the OSD assuming that Oreo is a corporationCompany B, a CCPC provides you with the following income data for this fiscal year: Aggregate Investment Income: $4,000 Active Business Income: $2,000 Canadian Dividends Connected (50% ownership, dividend refund received $1,500): $4,000 Canadian Dividends Non-connected: $3,000 What is Company's B's Taxable Income for this year ?39 Atlanta Corporation, a domestic corporation, had the following data for the years 2022 and 2023: 2022 2023 Sales P 10,000,000 P 15,000,000 Cost of sales 4,000,000 6,000,000 Deductible expenses 6,100,000 7,000,000 Capital gains 50,000 100,000 Interest income on trade notes receivable 10,000 30,000 Rent income 430,000 600,000 Total assets 500,000,000 550,000,000 How much is the total deferred charges in 2023?
