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Free_Kalibri [48]
4 years ago
14

Thrush Corporation, a calendar-year C corporation, files it's 2018 Form 1120, which reports taxable income of $200,000 for the y

ear. The corporation's tax is $61,250. What is the tax liability for Thrush?
Business
1 answer:
galben [10]4 years ago
4 0

Answer:

Thrush  tax liability is $61,250

Explanation:

Tax liability is the amount of tax payable to tax authority from the income earned after all allowable expenses have been deducted.

Effectively, Thrush has bee charged 30.6%( corporation tax rate) on his taxable income .

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A _____ is a person who will attest to your ability to perform a particular job.
Gnoma [55]
<span>A reference is a person who will attest to your ability to perform a particular job. A person has to face several examinations before he receives a job through an employer. Employers need to check the individual's background of previous performance, experience, and skills. A reference could provide the information needed for that examination.</span>
7 0
3 years ago
Read 2 more answers
dditional Information Accrued sales salaries amount to $2,400. Prepaid selling expenses of $2,100 have expired. A physical count
saul85 [17]

Answer:

A) Adjusting entries:

Dr Sales salaries expense 2,400

    Cr Sales salaries payable 2,400

Dr Selling expenses 2,100

    Cr Prepaid selling expenses 2,100

Dr Cost of goods sold 3,700

    Dr Merchandise inventory 3,700

B) prepare the closing entries

Dr Sales revenue 550,900 (net = $557,000 - $19,900 - $6,200)

    Cr Income summary 550,900

Dr Income summary 484,200

    Cr Cost of goods sold 239,700 (net = $236,000 + $3,700)

    Cr Sales salaries expense 62,400 (net = $60,000 + $2,400)

    Cr Selling expense 44,100 (net = $42,000 + $2,100)

    Cr Utilities expense 21,000

    Cr Administrative expense 117,000

Dr Income summary 66,700 (= $550,900 - $484,200)

    Cr Retained earnings 66,700

Dr Retained earnings 45,000

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7 0
3 years ago
Hill Co. can further process Product O to produce Product P. Product O is currently selling for $60 per pound and costs $42 per
NARA [144]

Answer:

(A) True

Explanation:

Differential cost is the difference between the cost to produce Product O and produce Product P; in this case it’s the additional cost of $13 per pound to produce

So the statement “The differential cost of producing Product P is $13 per pound” is true

6 0
3 years ago
;-; What does this mean ;-;
Scorpion4ik [409]
What does anything mean⇔
5 0
3 years ago
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George Jefferson established a trust fund that will provide $170,500 per year in scholarships. The trust fund earns an annual re
Dimas [21]

Answer:

$8,119,048

Explanation:

Given that,

Amount of scholarships = $170,500 per year

Trust fund earns an annual rate of return = 2.1 percent

Let x be the amount contribute to the fund and assuming that only income is distributed,

2.1% of x = Amount of scholarships

0.021x =  $170,500

x = $170,500 ÷ 0.021

  = $8,119,048

Therefore, the amount of money that is contributed by the George Jefferson to the trust is $8,119,048.

4 0
3 years ago
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