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2 years ago

Computing Income Taxes

Business

1 answer:

Anastaziya [24]2 years ago

5 0

Answer:

The corporation's tax liability is $ 228,820.

Explanation:

To calculate tax liability we first have to find net profit. Detail calculation is given below.

Net profit Calculation

Sales $ 3,130,000

cost of goods sold and the operating expenses ($ 2,080,000)

Interest expense ( $ 377,000)

Net profit $ 673,000

Tax liability Calculation

Income fall under Tax bracket of 34% ($75,001 to $10,000,0000 for corporate tax. No additional surtax will be charged as income do not fall under its net.

Tax liabilty = 673,000 * 34% = $ 228,820

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An auditor most likely will review an entity's periodic accounting for the numerical sequence of shipping documents and invoices

USPshnik [31]

Answer: C - Valuation & Allocation

Explanation: Auditors review of a company's shipping documents & invoices is to ascertain the correctness of the figures in the financial statement.

Auditors will have to value the transaction using the invoices and other documents available for the transaction and to to verify that the costs are allocated correctly.

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3 years ago

If a firm produces 10 units of output, total costs are $1,030, and average fixed costs are $10, then total variable costs are

skad [1K]

Answer:

Total variable costs =$930

Explanation:

Total cost is the sum of total fixed cost and total variable cost. Hence given the average fixed cost , we can work-out the total variable cost.

This is done as follows:

Total fixed costs = average fixed costs × number of units

= $10 × 10= $100.

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= $1,030 - $100

=$930

Total variable costs =$930

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3 years ago

The poverty rate for children under 18 in texas is while it is in the united states as a whole

mestny [16]

Its is 32 to 33 percent

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3 years ago

Which component of marital success is generally ranked highest among adults in the united states? group of answer choices

Anastasy [175]

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Hence, the component of shared interests is generally ranked highest among adults in the United States.

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4 0

2 years ago

Salespersons' Report and Analysis Walthman Industries Inc. employs seven salespersons to sell and distribute its product through

babymother [125]

Answer:

Walthman Industries Inc.

Table:

Salesperson Total Sales Variable Cost Contribution Variable

of Goods Sold Margin Selling Expenses

Case $610,000 $268,400 (44%) $341,600 (56%) $109,800 (18%)

Dix 603,000 241,200 (40%) 361,800 (60%) 96,480 (16%)

Johnson 588,000 305,760 (52%) 282,240 (48%) 105,840 (18%)

LaFave 586,000 281,280 (48%) 304,720 (52%) 123,060 (21%)

Orcas 616,000 221,760 (36%) 394,240 (64%) 86,240 (14%)

Sussman 620,000 310,000 (50%) 310,000 (50%) 124,000 (20%)

Willbond 592,000 272,320 (46%) 319,680 (54%) 88,800 (15%)

Explanation:

a) Data and Calculations:

Salesperson Total Sales Variable Cost Variable

of Goods Sold Selling Expenses

Case $610,000 $268,400 $109,800

Dix 603,000 241,200 96,480

Johnson 588,000 305,760 105,840

LaFave 586,000 281,280 123,060

Orcas 616,000 221,760 86,240

Sussman 620,000 310,000 124,000

Willbond 592,000 272,320 88,800

8 0

3 years ago