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shusha [124]
3 years ago
12

Au Sable Corporation reported taxable income of $800,000 in 20X3 and paid federal income taxes of $272,000. Not included in the

computation was a disallowed penalty of $25,000, life insurance proceeds of $100,000, and a Federal income tax refund from 20X2 of $50,000. Au Sable is an accrual basis taxpayer. The corporation's current earnings and profits for 20X3 would be:
Business
1 answer:
podryga [215]3 years ago
7 0

Answer:

The corporation's current earnings and profits for 20X3 would be $603,000

Explanation:

The computation of the current earnings and profits are shown below:

= Taxable income - federal income taxes - disallowed penalty + insurance proceeds

= $800,000 - $272,000 - $25,000 + $100,000

= $603,000

The federal income tax refund would not be considered in the computation part. Hence, it is ignored.

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Iteru [2.4K]

Answer:

In this situation, most of the NASA workforce would still be composed of austronauts with jet fighter experience because they would be lured by the higher wages offered to them.

However, the difference would lie in that there would also be some austronauts without jet figther experience, who would still try to get into NASA, despite being offered lower wages.

This is a different situation to the current one, where jet fighter experience is an requirement to become a NASA austronaut, which means that those without this type of experience are barred from entering NASA, no matter how low of a wage they would be willing to take.

8 0
3 years ago
QUESTION 13 of 20: You own a dance studio. You have assets of $512,667 and equity of $268,964. What is your liabilities total?
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Answer:

243,703

Explanation:

5 0
3 years ago
Homestead Co. reported the following in its statement of stockholders' equity on January 1, Year 4: Common stock, $10 par value,
Anna71 [15]

This question is to complex. In Order for this to be answerable you would need to put it into chunks

5 0
3 years ago
Bumble Bee Co. had taxable income of $7,000, tax depreciation of $5,000, book depreciation of $2,000, and accrued warranty expen
NeX [460]

Answer:

$9,600

Explanation:

Calculation for Bumble Bee's pretax accounting income

Using this formula

Pretax accounting income=Taxable income-Accrued warranty expense+(Tax depreciation-Book depreciation)

Let plug in the formula

Pretax accounting income=$7,000-$400+($5,000-$2,000)

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8 0
3 years ago
All of the following are prohibited practices under FINRA rules EXCEPT: A selling enough mutual funds to a customer to obtain a
Licemer1 [7]

Answer:

Option A is correct

Explanation:

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5 0
3 years ago
Read 2 more answers
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