1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Crazy boy [7]
2 years ago
13

Grand River Corporation reported taxable income of $500,000 in year 1 and paid federal income taxes of $105,000. Not included in

the computation was a disallowed meals expense of $2,000, tax-exempt income of $1,000, and deferred gain on an installment sale of $25,000. The corporation's current earnings and profits for year 1 would be:
Business
1 answer:
kondor19780726 [428]2 years ago
7 0

The corporation's current earnings and profits for year one would be (A) $354,000.

<h3>What is taxable income?</h3>
  • The base on which an income tax system levies tax is referred to as taxable income.
  • In other words, the income is subject to taxation by the government.
  • In general, it includes some or all elements of income before costs and other deductions are deducted.
  • Income, costs, and other deductions differ depending on the country or system.
  • Many systems stipulate that certain types of income are not taxable (also known as non-assessable income) and that certain expenses are not deductible when calculating taxable income.
  • Some systems base tax on current-period taxable income, while others base it on prior-period taxable income.
<h3>To find the current earnings and profit for one year:</h3>

Income + Installment sale = 500,000 + 25,000 = $525,000

Income taxes + tax-exempt income = 170,000 + 1000 = $171,000

525,000 - 171,000 = $354,000

Therefore, the corporation's current earnings and profits for year one would be (A) $354,000.

Know more about taxable income here:

brainly.com/question/26316390

#SPJ4

Complete question:

Grand River Corporation reported taxable income of $500,000 in year 1 and paid federal income taxes of $170,000. Not included in the computation was a disallowed meal and entertainment expense of $2,000, tax-exempt income of $1,000, and deferred gain on an installment sale of $25,000. The corporation's current earnings and profits for year 1 would be:

A) $354,000.

B) $524,000.

C) $500,000.

D) $331,000.

You might be interested in
Career fulfillment means
ANTONII [103]

Answer:

enjoying your work and being well compensated

Explanation:

6 0
3 years ago
Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale c
vova2212 [387]

Answer:

Gross profit earned by the company for each of the four costing methods = Subtraction of Total cost of goods sold from Total Sales

$48,322 - $30,651 = $17,671

Explanation:

Total sales = (330 x 87.4) + (200 x 97.4) = $48,322

Total cost of goods sold overweighted average method = $30,651

Subtract $48,322 from $30,651 to give $17,671 as the gross profit.

In the attached picture, Your will see average costs calculated and the inventory values for March 5, 9, 25, and 29.

4 0
3 years ago
how a teacher can use motivational strategies to control problem behavior in classroom give an example
noname [10]
<h3><u>Answer</u></h3>

The Earth’s mantle is made up of Tectonic plates that are forever moving as the Earth cools down. This happens over billions of years, and one of the most notable ones is around the Pacific rim where Earthquakes, (seismic activity) happens quite often

The Rift Valley in Ethiopia lies along the edge of the African Tectonic Plate, and continues down through parts of Somalia and into Kenya.

Just recently a rift opened up in Kenya, which seismologists seem to think is the pre-cursor of a major tectonic plate movement, splitting apart a part of Africa, which could include Ethiopia

Here are some strategies that can be used in the classroom to help motivate students:

  • Promote growth mindset over fixed mindset.
  • Develop meaningful and respectful relationships with your students.
  • Grow a community of learners in your classroom.
  • Establish high expectations and establish clear goals.
  • Be inspirational.
5 0
2 years ago
The rationing function of prices refers to the fact that government must distribute any surplus goods that may be left in a comp
natulia [17]

Answer: false

Explanation: The rationing function of price describes the way in which the use of price is done for rationing of several scarce resource. This is done automatically by the market forces of demand and supply as when the demand for a commodity exceeds its supply the price of the commodity rises leading to decrease in demand.

Thus, rationing function states to ration the goods and distribute them carefully and not to distribute the surplus amount.

4 0
3 years ago
1.3.2 Quiz: Income and Career
sukhopar [10]

Answer:

a

Explanation:

4 0
3 years ago
Other questions:
  • The december 31, 2015, balance sheet of maria's tennis shop, inc., showed current assets of $1,205 and current liabilities of $9
    14·1 answer
  • Describe some methods to deal with disappointment in the workplace.
    11·1 answer
  • An economist says, "technological advances have the power to lower the prices of many of the goods we buy." here is how this wor
    8·1 answer
  • RL Inc., an American insurance company, attempted to sell life insurance in Spain. However, the company failed to understand tha
    6·1 answer
  • On January 1, Creed Boxing Company issues 7%, 10-year bonds with a par value of $2,000,000. The bonds pay interest semiannually.
    10·1 answer
  • Nolte Co. has 4,800,000 shares of common stock outstanding on December 31, 2012. An additional 200,000 shares are issued on Apri
    15·1 answer
  • The ____ principle morally requires employees to support the rules of the organization as long as the organization is just (or f
    13·1 answer
  • Self talk, our inner voice, can be negative or positive depending on the situation.
    10·1 answer
  • Cost flow relationships The following information is available for the first year of operations of Creston Inc., a manufacturer
    5·1 answer
  • You will have $____ in six years if you set aside $5,000 at 8%. (use the future value tables from chapter 5.)
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!