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valina [46]
3 years ago
15

Madison Corporation reported taxable income of $400,000 in 20 X 3 and accrued federal income taxes of $136,000. Included in the

computation of taxable income was regular depreciation of $200,000 (E&P depreciation is $60,000) and a net capital loss carryover of $20,000 from 20X2 utilized in 20X3. The corporation's current earnings and profits for 20X3 would be:
A. $424,000B. $404,000C. $380,000D. $344,000
Business
1 answer:
salantis [7]3 years ago
8 0

Answer:

A. $424,000

Explanation:

current income = Taxable income - Federal tax + Depreciation disallowed + net capital loss carryover          

= $400,000 - $136,000 +  ($200,000 - $60,000) + $20,000

=  $424000

Therefore, The corporation's current earnings and profits for 20X3 would be $424000.

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Princeton Company acquired 75 percent of the common stock of Sheffield Corporation on December 31, 2011. On the date of acquisit
melamori03 [73]

Answer:

consolidated balance sheet:

land 525,000

Explanation:

The Princeton's land will be valued at book value.

The Sheffield's land will be valued at market value as when Princeton acquired Sheffield the land was appraised at his market value.

So 500,000 x 75% = 375,000 land of Sheffield

<u>Total land:</u>

Princeton Land   150,000

Sheffield  Land <u>  375,000  </u>

              Total    525,000

6 0
3 years ago
Lindsay is in 11th grade and wants to be a physical trainer and work with athletes for her career. She wants to help them learn
svetoff [14.1K]
A long term goal is something that a person has that requires planning and most of the time, involves their career or what they want to do in the future, Something that isn't going to come to an end anytime soon. So, the answer is 4.
6 0
3 years ago
Supply - supply curve - and supply schedule are:Multiple choice question.all the same.three different ways of expressing informa
Tanzania [10]

Supply, the supply curve, and the supply schedule are three different ways of expressing information about the supply of a good - service - or resource

<h3>What are ways of expressing supply?</h3>

When we speak of supply, we refer to the quantity of goods and services that producers give to the market for sale.

The supply curve then shows the different prices and quantities that these goods would be sold in while the supply schedule does the same but in a non-graphical format.

Find out more on the supply schedule at brainly.com/question/2094262.

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6 0
2 years ago
John, a local florist in harrisburg, wanted to invest in outdoor advertising before valentine's day. a local advertiser showed j
Zina [86]
The local advertiser most likely offered John a Stock poster, a high-quality advertising at a lower cost. It is ready-made, 30-sheet posters are available in any quantity and often feature the work of<span> First-class artists and lithographers. Local florists, dairies, banks, or bakeries simply place their name <span>in the appropriate spot.</span></span>

 

 

 





3 0
3 years ago
During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials, $6 per
kupik [55]

Answer:

$192,000

Explanation:

Calculation for What is the value of ending inventory under variable costing

Using this formula

Value of ending inventory =[(Direct materials+Direct labor+Variable overhead+(Fixed overhead/Units produced)×Ending units in inventory]

Let plug in the formula

Value of ending inventory=[($6+ $4+ $5 + ($234,000/26,000 units) ×8,000 units]

Value of ending inventory= ($15 units+$9 units)×8,000 units

Value of ending inventory=$24 per units×8,000 units

Value of ending inventory = $192,000

Therefore the value of ending inventory under variable costing will be $192,000

8 0
3 years ago
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