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Assoli18 [71]
3 years ago
15

Manistee Corporation reported taxable income of $1,200,000 this year and paid federal income taxes of $408,000. Not included in

the computation was disallowed entertainment expenses of $25,000, tax-exempt interest of $20,000, and a net capital loss of $50,000 incurred this year. Manistee is an accrual basis taxpayer. The corporation’s current earnings and profits this year would be:
Business
1 answer:
lidiya [134]3 years ago
7 0

Answer:

$737,000

Explanation:

The computation of the current earnings and profits this year is shown below:

= Taxable income - federal income tax paid -  disallowed entertainment expenses + tax-exempt interest - net capital loss

= $1,200,000 - $408,000 - $25,000 + $20,000 - $50,000

= $737,000

Since we add the exempted interest and deduct all other expenses, losses, and taxes to the taxable income so that accurate value can come

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Choose all that apply. Select all the parts in a financial plan. net worth statement savings account financial goals savings and
Gala2k [10]

There are eight components for financial planning and these are the following:

<span>-        </span>Cash flow management

<span>-        </span>Investment management

<span>-        </span>Tax planning

<span>-        </span>Tax – deferred investment environments

<span>-        </span>Insurance assessment

<span>-        </span>Estate planning

<span>-        </span>Business succession planning

<span>-        </span>Revisiting your written financial plan regularly

So from the choices, we can say that these are the following answers”:

- Net worth statement
- financial goals
- budget
- savings and investing plan
- insurance plan

5 0
3 years ago
Windsor, Inc. just began business and made the following four inventory purchases in June: June 1 138 units $828 June 10 184 uni
Liono4ka [1.6K]

Answer:

$1,150

Explanation:

Given the above information, the value of the inventory method on June 30, using LIFO method would be calculated as;

= $828 + [ ($1,288 ÷ 184) × (184 - 138) ]

= $828 + (7 × 46)

= $829 + $322

= $1,150

Therefore, the ending inventory on June 30, using LIFO method is $1,150

7 0
3 years ago
You deposit $ 6,577 in your account today. You make another deposit at t = 1 of $ 9,769 . How much will there be in your account
ElenaW [278]

Answer:

Total FV= $18,776.85

Explanation:

Giving the following information:

Interest rate= 10.3%

First deposit= $6,577

Second deposit= $9,769

<u>To calculate the future value, we need to use the following formula on each deposit:</u>

FV= PV*(1+i)^n

FV1= 6,577*1.103^2= 8,001.64

FV2= 9,769*1.103= 10,775.21

Total FV= $18,776.85

5 0
4 years ago
Should cities, and even counties, be limited to local or regional issues such as public services and infrastructure, rather than
gavmur [86]

Answer:

issue like public service and infrastructure are taken up the place of people concerned.  People demand proper services rather than wasting their time on  point out on other racial point. This also show people are moving toward more professionalism

Explanation:

There are many factor which defied the people needs during any particular time. Due to advancement in science and other technologies people are more busy in their professional life and thus they are less concerned about the discrimination factor. Though racial discrimination is one of the most serious threat to social bonding, people are less concerned.

issue like public service and infrastructure are taken up the place of people concerned.  People demand proper services rather than wasting their time on  point out on other racial point. This also show people are moving toward more professionalism

4 0
3 years ago
Your company uses the allowance method to account for uncollectible receivables. At the beginning of the year, Allowance for dou
Dvinal [7]

Answer:

it is what it is

Explanation:

100000

8 0
4 years ago
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