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photoshop1234 [79]
3 years ago
10

Kingbird Corporation (a calendar year C corporation) reports the following income and expenses this year: Income from operations

$200,000 Expenses from operations 140,000 Dividends received (15% ownership) 15,000 On October 1, Kingbird Corporation made a contribution to a qualified charitable organization of $9,000 in cash (not included in any of the above items).
Determine Kingbird's charitable contribution deduction.
Business
1 answer:
Artyom0805 [142]3 years ago
8 0

Answer:

$7,500

Explanation:

Taxable income:

= Income from operations + Dividends received - Expenses from operations

= $200,000 + $15,000 - 140,000

= $75,000

Deductions is allowed only to the maximum extent of 10% of the taxable income of the corporation.

Therefore,

Kingbird's charitable contribution deduction:

= 10% of Taxable income

= 0.1 × $75,000

= $7,500

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Listed below are some items found in the financial statements of Tony Gruber Co. Indicate in which financial statement(s) the fo
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Answer:

The correct financial statement for the respective items is:

a) Service Revenue - Income statement.

b) Equipment - Statement of financial position.

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a) Service Revenue - Service revenue refers to the sales generated from the services provided/offered by the business to its customers. Service revenue is an item of the income statement and appears on the credit side amongst revenues/incomes list.

b) Equipment - Equipment in accounting is used to refer tangible items such as plant, property and motor vehicle which are expected to be used for production for longer than one accounting period. They are tangible items and form part of the statement of financial position under the non-current assets.

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f) Salaries and wages payable - Salaries and wages payable refers to salaries and wages due/owed to the business's employees for prior periods.It is part of the statement of financial position and appears under the current liabilities accounts.

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The allowance for doubtful accounts is reported as a(n) __________ on the balance sheet.
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