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podryga [215]
1 year ago
14

6.Yan and Joel form a corporation, but do not elect to make it a Subchapter S corporation.Each of them owns 50% of the stock. Af

ter their first year of doing business, thecorporation has made a profit of $50,000. Yan and Joel set aside $15,000 for a cashreserve, and split the remaining $35,000 equally. Which of the following best describesthe income tax liabilities from this situation?a.The corporation will pay taxes on the $50,000 profits, but Yan and Joel will nothave to pay taxes on their shares.b.Yan and Joel will each have to pay taxes on $25,000, one-half of the profits.c.Yan and Joel will each have to pay taxes on the $17,500 they each received, andthe corporation will have to pay taxes on the remaining $15,000.d.The corporation will pay taxes on the $50,000 in profits, and Yan and Joel willhave to pay taxes on the $17,500 they each received.
Business
1 answer:
fomenos1 year ago
3 0

The option that would tell us the the income tax liabilities from this situation is that : The corporation will pay taxes on the $50,000 in profits, and Yan and Joel will have to pay taxes on the $17,500 they each received. Option D

<h3>What is meant by income tax liabilities?</h3>

A tax liability is the sum of money that a person, company, or other entity owes to a federal, state, or municipal taxing body. In general, you owe taxes when you earn money or make gains off of the sale of an investment or other item.

In journal entries, businesses deduct income tax expense and credit income tax payable. The completed journal entries include an equal debit and credit to income tax expense and income tax payment, respectively, if businesses utilize the same cash method of accounting for both financial and tax reporting.

Your tax obligation is determined by your taxable income after deductions and tax credits, not your gross income. Line 37 shows your federal tax liability for the current year.

Read more on income tax liabilities here:brainly.com/question/7409145

#SPJ1

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Answer:

60%

Explanation:

To calculate the percentage assigned to cost of goods sold , we should use the formula:

=\frac{Cost Of Goods Sold}{Sales}

= \frac{180}{300}

= 0.60 = 60%

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5 0
3 years ago
The following refers to units processed by a breakfast cereal maker in August. Compute the total equivalent units of production
masya89 [10]

Answer:

Total Equivalent Units Conversion    746,000

Explanation:

Breakfast Cereal Maker

Weighted-Average Inventory Method

Total Equivalent Units

                                     Units               Conversion     Equivalent Units

Particulars                                                   %

Units completed         620,000               100 %             620,000

<u>Add Ending WIP          180,000                70 %               126,000</u>

<u>Total Equivalent Units                                                      746,000</u>

<u />

<em>The total Equivalent units are obtained by adding the percent of the units in the ending work in process inventory to the units completed and transferred out. This is the average weighted method of finding the equivalent units.</em>

<em>As only conversion is required we found out the conversion units only.</em>

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The USDA has separate programs for the inspection and for the grading of meet. The former is mandatory and guarantees the wholesomeness of the meat. This means that the animal from which the meat was taken from is not diseased and that the meat is clean and fit for human consumption. Inspection programs are paid for by public funds. 

However, USDA also has a grading program, which is paid for by the meat processors. The grading program checks and classifies the meat according to its quality (e.g. flavor, juiciness, and tenderness). Poultry with a Grade A poultry for example is one which does not have "defects" such as feathers, discoloration and bruising. 
5 0
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