Question 10 Your federal income tax rate is 29%. Your province income tax rate is 17.5%. The provincial dividend tax credit is 31% of the dividend gross up. You get a Canadian eligible dividend of $16,000. How much income tax do you pay on the dividend? 8,282 2,927 O 6,150 5,066
Q: On December 31, the Investment in Branch account on the home office books of the Unlimited Company s...
A:
Q: The realizable amount of notes receivable is considered. a. Income b. all of the above c. Noncurrent...
A: A note receivable is also known as a promissory note. In other words Notes receivable are a balance ...
Q: In the context of choosing a share repurchase over declaring dividends, a share repurchase would
A: As per our guidelines, we are supposed to answer only one question in case of multiple questions pos...
Q: Perpetual Inventory Usihg LIFO The following units of a particular item were available for sale duri...
A: Under the LIFO method, it is assumed that the goods/ inventory purchased at last is sold first.
Q: A resident citizen has the following data for a taxable year: Ordinary income P300,000 Ordinary loss...
A: Short term capital loss can be set off only against capital gain( firstly towards short term capital...
Q: Accounts payable for suppliers, goods, and services purchases on open account amount to P1,670,000 a...
A: The final closing balance of a particular account arrived by making required adjustments for the err...
Q: Based on the foregoing information, determine the adjusted balances of the following as of March 31,...
A: Doll Company is selling sounds and lights equipment. The company's fiscal year ends on March 31, 202...
Q: The Gourmand Cooking School runs short cooking courses at Its small campus. Management has identifie...
A: The revenue and spending variance is calculated as variance between actual results and flexible budg...
Q: ABC Corporation's cumulative balance of RCIT, MCIT, taxes withheld, excess MCIT and excess withholdi...
A: Income tax- An income tax is a tax obligatory on persons or entities (taxpayers) in admiration of th...
Q: During 2015, Protek Corporation had net sales of $500,000, net income of $50,000, average total asse...
A:
Q: Machinery was purchased for Php 5,000,000 with an estimated working hours or machine hours of about ...
A: The decrease in the value of asset over time due to obsolescence, wear and tear or its use is known ...
Q: Sandhill Corporation uses straight-line depreciation, prepares adjusting entries annually, and has a...
A: The impairment loss is calculated as difference between the book value of an asset and fair value of...
Q: Inventory turnover and 'number of days' sales in inventory Financial statement data for years ending...
A: Formula: Inventory Turnover = Cost of goods sold/ Average Inventory No of days sales in inventory = ...
Q: On January 1, 2022, ABC Company signed a 5-year non-cancelable lease for a building. This is also th...
A: Lease Obligation There are mainly two types leases are there one is operating leases and another one...
Q: 13.8 15.9 13.8 15.9 105.8 121.7
A: Valuation of the company: Rapid Growth Scenario There are several methods that can be used to valu...
Q: Required: (a) Prepare a statement of equivalent production to determine the equivalent units for dir...
A: Solution:- Given, All Things Brass produces brass handles for the furniture industry in a four-stage...
Q: Koelsch Corporation's only product sells for $170 per unit. Its current sales are 43,600 units and i...
A: Solution.. Current sales = 43,600 units Break even point = 39,240 units Sales value = $170 per u...
Q: Click here to access the TVM Factor Table calculator. Capitalized cost Conventional %24 million desi...
A: Year Convention Plan Year 2nd Design Installation Costs 27.5 85 R &...
Q: years, but the company requires it only for the first 5 years. It enters into an agreement with hala...
A: Viraj Limited obtains a machine costing $ 45 Lakhs by way of lease, The life of asset is 14 years an...
Q: Sanchez Company is a wholesaler of bakery equipments. Beginning of the current year, the entity's in...
A: Inventory is the raw materials used in production as well as the goods that are available for sale. ...
Q: Sunk costs should always be included when considering the cost of an activity. True or false, and wh...
A: Sunk cost are those cost which are already incurred by the business , But business cannot recovered ...
Q: Prepare the necessary journal entries (include journal entry descriptions) for the selected transact...
A: Journal entry: It implies to the recording of financial transactions by the business that occur duri...
Q: XYZ manufactures a computer stand. It has fixed costs of S600,000 and each stand sells for $90, with...
A: Formula: Unit contribution margin = Sales price per unit - variable cost per unit
Q: Single strand, gossip, and cluster are examples of patterns. O leadership Ograpevine O feedback Omed...
A: Grapevine is an informal channel of business communication. All others are considered formal in prof...
Q: John's profit as would be calculated by an accountant?
A:
Q: In auditing liabilities and expenses, the auditor is generally more concerned about the management’s...
A: Ans. There are various kinds of assertions which needs to be checked while auditing. Some of the ass...
Q: The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows...
A: Cash flow statement is the once which is prepared to report the changes in cash of an entity over a ...
Q: Summarized data for Walrus Co. for its first year of operations are: Sales (90,000 units) $4,500,00...
A: Income statement under Absorption costing Income statement under Variable costing
Q: On January 1, 2020, ABC Company granted to employees a share-based payment with cash and share alter...
A: Share premium will be recorded on the basis of the price of issuance date. Since shares are issued o...
Q: A company incurred $200,000 of manufacturing cost during the month, with a beginning finished goods ...
A: Formula: Cost of goods sold = Beginning finished goods + manufacturing costs during the month - Endi...
Q: which of the following account will be least likely involved in the purhasing sub-process of the pur...
A: Purchasing of transaction involves checking at various stages such as receiving the goods and invoic...
Q: a. Direct materials price variance (based on purchases) b. Direct materials efficiency variance c. D...
A: Every manufacturing unit has some estimated standard costs for the production based on the past reco...
Q: Purchases returns and allowances 4,939 3,900 Costs of transportation-in Required: 1. Compute the com...
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for yo...
Q: Vaasa Chemicals makes a product by way of two processes - Mixing & Refining. Its process costing sys...
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-part...
Q: Is: On January 2, year 1, ABC Company purchased 75% of XYZ's outstanding common stock. On that date,...
A: In the given question, since ABC has not issued any fresh common stock, therefore, the amount of com...
Q: Dividends on CCN corporation are expected to grow at a 9% per year. Assume that the discount rate on...
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new ques...
Q: hile the home
A: Inventory is recorded in income statement and shown as assets in balance sheet also.
Q: During the first five years after incorporation, the entity did not declare dividends and funnels mo...
A: Dividend refers to the return provided by the company to its shareholders as a consideration for cap...
Q: 7. If share capital is issued for tangible or intangible property, the value of share capital is equ...
A: In case of multiple questions, we are allowed to solve only the first question. If you want other qu...
Q: May an obligor be liable under an obligation subject to a suspensive condition although the conditio...
A: When an obligation is subject to a suspensive condition, its creation is contingent on the occurrenc...
Q: Doll Company is selling sounds and lights equipment. The company's fiscal year ends on March 31. The...
A: Calculation Amount (P) Accounts payable balance before adjustment 1,670,000 Add:...
Q: The following information is needed to reconcile the cash balance for Discount Dry Cleaning, Inc. *A...
A: Introduction: BRS: BRS stands for Bank Reconciliation statement. To reconcile the difference between...
Q: On January 2, year 1, ABC Company purchased 75% of XYZ's outstanding common stock. On that date, the...
A: The question is related to the Consolidation. The details are as under ABC Company Share in XYZ = ...
Q: Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the...
A: Solution:- Preparation of journal entries to record merchandising transactions of Lowe's, which uses...
Q: A domestic corporation started its operations in year 2008. The following data on income taxes durin...
A: Solution working note- Particulars 2018 2019 MCIT 40000 60000 RCIT 5000 85000 RCIT OR MCIT...
Q: As a micro-enterprise, which sets of financing are the most likely to be used? * A. Banks and ventur...
A: 'Micro-enterprise' is a term that is used to refer to a small business which employ less than 9 peop...
Q: 3. & 4. Determine the balance in retained earnings at January 1, 2020 as Fieri reported using FIFO m...
A: Solution:- Given, Revenue = $390 mil Cost of goods sold FIFO = $39 mil ; Average = $54 mil Operatin...
Q: Philip works at a nursing home as an aide and earns $27,000 a year. IF he went to school to get a nu...
A: An education loan seems to be an amount of money obtained to cover the costs of graduate school or h...
Q: a. What is the percentage rate of return for these 298 dairies? percent. b. The other two dairies ha...
A: Solution:- Given, Farms in local dairy market = 300 Cost structure = 298 Generates profit = $24 for ...
Q: During 2021, Garth has a job as a civil engineer where he earns a salary of $120,000. He also has do...
A: FICA taxes include social security taxes and Medicare tax. Social security tax wage limit is $ 14280...
Step by step
Solved in 3 steps with 1 images
- B. %24 Mange Congress would like to increase tax revenues by 11.5 percent. Assume that the average taxpayer in the United States earns $62,000 and pays an average tax rate of 10 percent. a. If the income effect is in effect for all taxpayers, what average tax rate will result in a 11.5 percent increase in tax revenues? (Round your answer to 2 decimal places.) Answer is complete but not entirely correct. Average tax rate 11.50 X% b. This is an example of what type of forecasting? O Dynamic O Static 61°F re to search M Home F12 %23 41 3. P. F MQuestion 3 Kansas State Income Taxes rates for Singles are 3.1% I $30,000 4 pts Where I is taxable income and T is the tax rate for that income levels. Thus if someone has $20,000 in Taxable Income they would only pay 5.25% on the income between $15,000 and $20,000 and 3.1% on income up to $15,000 Kansas has a $3,000 Standard deduction (thus the first $3,000 of does not count toward taxable income). W Compute the how much income taxes are owed If the person has income of $38,300 in a year. Remember income and taxable income are NOT the same thing.Income Bracket Marginal Tax Rate $0-$6,000 $6,000 $40,000 > $40,000 0% 30% 40% a. Mr. Smith has an income of $50,000 per annum. Calculate his tax bill for the year: $ 14200 b. What is his average tax rate? 28.40°% (Round to two decimal places.) c. What is his highest marginal tax rate? 40°%
- Question No.4 a) The U.S. currently has seven federal income tax brackets, with rates of 10%, 12%, 22%, 24%, 32%, 35% and 37%. If you fall into the 37% bracket, that doesn’t mean that the entirety of your taxable income will be subject to a 37% tax. Instead, 37% is your top marginal tax rate. FEDERAL TAX BRACKETS 2018 – 2019 Tax rate (%) $0 – $9,525 10 $9,526 – $38,700 12 $38,701 – $82,500 22 $82,501 – $157,500 24 $157,501 – $200,000 32 $200,001 – $500,000 35 $500,001+ 37 i) Create a Mathematical Model that represents the aforementioned information to calculate the annual income tax. ii) How much annual income tax you will have to pay if your monthly taxable income is $ 40,000 Rubrics Uses information appropriately: Applies appropriate procedures: Answers the problem:What is the U.S. corporate tax rate? 6.2% O 15% O 35% O 37%Note 21 Income Taxes The company's income (loss) before income tax provision (benefit) was subject to taxes in the following jurisdictions for the following periods: 20X2 20X1 Domestic $205,000 The provision (benefit) for income taxes is as follows: 20X2 Current tax provision (benefit): United States Deferred tax expense (benefit): United States LSM Student's initials Income tax provision (benefit) Significant components of the Company's deferred tax assets and liabilities as of December 31, 20X2 and 20X1 are as follows: December 31, 20X2 20X1 Deferred tax assets: Bad debt reserve (accounts receivable) 18,000 10,000 Org exp and start up costs Warranty reserve…
- Please help me !! Note: Tax for Canada !! Question:- Individual J received non-eligible dividends totaling $12,000 in the current year. What is the amount of the federal dividend tax credit?Problem 4 Suppose tax = 0%. Consider an EITC program in which the maximum credit is $4000. An individual who has earned income between $10,000 and $15,000 receives the maximum credit (i.e.- someone who has earned income of $10,000 will have total income of $14,000 because of the tax credit). An individual who has earned income of $19,000 has total income of $19,250. What is the implicit tax rate that the individual who has earned income of $19,000 faces? (Express your answer as a percentage. Don't enter a percentage sign. Round your final answer to four decimal places if necessary. For example, if the tax rate is 99.9%, enter your answer as 99.9.)The tax rates are as shown below: Taxable Income Tax Rate $0 - 50,000 50,001 - 75,000 75,001 100,000 100,001 - 335,000 The taxable income is $80,500. How much additional tax will you owe if you increase your taxable income by $21,700? 15% 25% 34% 39%
- Question 3 of 10 Calvin received bimonthly paychecks of $2007.25 last year. If 17.1% of his yearly income got withheld for federal income tax, how much got withheld for federal income tax from each of Calvin's paychecks last year? O A. $82.38 O B. $34.32 O C. $343.23 O D. $823.78 LIQuestion 14 What is your average tax rate if you pay taxes of $7134 on taxable income of $57920? (Reminder: Enter your answer as a decimal, not a percentage.) Your Answer: AnswerThe tax rates are as shown below: Taxable Income Tax Rate 50,000 15% $0 50,001 75,000 25% 75,001 100,000 34% 100,001 335,000 39% Your firm currently has taxable income of $80,900. How much additional tax will you owe if you increase your taxable income by $22,100? Multiple Choice O O O $8,619 $7,284 $7,664 $7,274 $7,514