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snow_tiger [21]
3 years ago
11

Oakland Corporation reported a net operating loss of $500,000 in 20X3 and elected to carry the loss forward to 20X4. Not include

d in the computation was a disallowed meals and entertainment expense of $20,000, tax-exempt income of $10,000, and deferred gain on a current year transaction treated as an installment sale of $250,000. The corporation's current earnings and profits for 20X3 would be:
Business
1 answer:
dimulka [17.4K]3 years ago
4 0

Answer:

-260,000    current earings and profits

Explanation:

From the taxable income we are going to adjust to get the current earnings and profits

-500,000     taxable income

-20,000       non-deductible expenses

+10,000       exempt taxes

+250,000    deferred gain

-260,000    current earings and profits

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ratelena [41]
It would be better if you attached more information about this question as it's quite difficult to find out what you need. I can help you by telling some words about t<span>he viability and relevancy of insurance products. It helps you when you keep factory that produces unusual things and makes that business more stable.</span>
6 0
3 years ago
Using the income statement for Times Mirror and Glass Co., compute the following ratios:
Umnica [9.8K]

Answer:

(A) Interest coverage charge ratio= 6.21

(B) Fixed charge coverage = 2.84

(C) Profit margin ratio= 8.57%

(D) Total assets turnover= 1.55

(E) Return on assets= 13.26%

Explanation:

(A) The Interest coverage charge ratio can be calculated as follows= EBIT/Interest expense

= 45,300/7,300

= 6.21

(B) The fixed charge coverage can be calculated as follows

= income before fixed charge + interest/fixed charges + interest

= 45,300+13,300/7,300+13,300

= 58,600/20,600

= 2.84

(C) The profit margin ratio can be calculated as follows

= Net income/sales × 100

= 22,800/266,000 × 100

=0.0857 × 100

= 8.57%

(D) The total assets turnover can be calculated as follows

= Sales/total assets

= 266,000/172,000

= 1.55

(E) The return on assets can be calculated as follows

= Net income/Total assets × 100

= 22,800/172,000 × 100

= 0.13255×100

= 13.26%

8 0
3 years ago
Skysong Industries had one patent recorded on its books as of January 1, 2020. This patent had a book value of $432,000 and a re
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Answer:

487200

Explanation:

3 0
3 years ago
What are some advantages of walmart purchasing established web businesses?.
marin [14]

Some advantages of walmart purchasing established web businesses are;

  • Will help to draw to the site many consumers.
  • The website will display more options for consumers to see.

<h3>What is a web businesses?</h3>

Web businesses can be regarded as the business that are been run online using website.

Therefore, walmart purchasing established web businesses so they can promote their brand to more consumers.

Learn more about web businesses at;

brainly.com/question/24448358

3 0
2 years ago
Floyd owns a chain of diners. He prefers to recruit employees from different ethnic and cultural backgrounds. When he hires new
zlopas [31]

Answer:

B) awareness training

Explanation:

In this scenario, based on all that Floyd is doing seems as though he is using awareness training on his employees. This is a training technique used to train employees on cultural and ethnic diversity as well as what is appropriate and inappropriate when dealing with different cultures. Like mentioned in the question this also encourages employees to think outside the box and question stereotypes.

8 0
3 years ago
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