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True [87]
3 years ago
13

Sweet Acacia Industries reported income taxes of $339,324,400 on its 2017 income statement and income taxes payable of $274,010,

600 at December 31, 2016, and $563,181,600 at December 31, 2017. What amount of cash payments were made for income taxes during 2017?
Business
1 answer:
S_A_V [24]3 years ago
5 0

Answer:

$50,153,400

Explanation:

The formula is to increase the income tax expense for the year by any decrease in income tax payable or decrease income tax expense by any increase in income tax payable for the year

Step 1: Calculate the Increase/Decrease in Income tax payable from 2016-2017

=Income tax Payable for 2017= $563,181,600

Income tax Payable for 2016= $274,010,600

=563,181,600-274,010,600= $289,171,000 - This represents an increase in income tax payable from 2016-2017

Step 2: Decrease the Reported Income Tax by the Increase in Income Tax payable as calculated in Step 1.

= $339,324,400-$289,171,000= $50,153,400

Cash Payments made for Income Taxes During 2017 is $50,153,400

You might be interested in
The situation described in the first excerpt, what is the inspector's opinion of employer taylor, ibbotson, and co.? what phrase
kap26 [50]

Full Question:

Directions: The following excerpts come from reports of child labor practices submitted to Parliament.

The first is from a report by Superintendent of Factory Inspections Robert A. Baker in 1836, three years after the 1833 Factory Act went into effect.

The second is a personal narrative from a report compiled by the Children's Employment Commission nearly 30 years later in 1864. Read the excerpts and answer the questions that follow:

<em>My Lord, in the case of Taylor Ibbotson, and Co., I took the evidence from the mouths of the boys themselves. They stated to me that they commenced working on Friday morning, the 27th of May last, at six, A.M, and that, with the exception of meal hours and one hour at mIdnIght extra, they did not cease working till four o'clock on Saturday evening, having been two days and a night thus engaged. Believing the case scarcely possible, I asked every boy the same question, and from each received the same answer. I then went into the house to look at the time-book, and in the presence of one of the Masters referred to the cruelty of the case, and stated that I should certainly punish It with all the severity In my power....  My Lord, by a clause In the factory act, it Is enacted that, “no more than one penalty can be obtalned from any one person for any one description of offence in any one day” Had I laid the information, therefore, on all the boys for the same offence, the penalty could have only been 20/. [About $100 in 2010] a sum which appeared to me inadequate to the gross nature of the offence committed, I therefore, my lord, varied the Information, so as to enable me to sue for 80/ [about $400 In 2010], being four full penalties, could I have obtained them, laying the first for working two boys more than twelve hours on the Frlday; the second for working a boy before five o'clock on the Saturday morning; the other for working two boys in the night time, between FrIday and Saturday; and the fourth for keeping a false time-book, as to the hours of working. These views, however my lord, were not responded to, I very much regret to say, by the magistrates before whom the case was heard. The parties were only fine 50/. [about $50 fo In 2010] on each Information, and wIth an aggregate of penalties of 102 [about $100 In 20101 escaped.  —Robert A. Baker, Superintendent of Factory Inspections, 1836 </em>

Question: The situation described in the first excerpt, what is the inspector's opinion of employer Taylor, Ibbotson, and co.? what phrases in the report support this

Answer:

The inspectors opinion of Taylor Ibboston and Co, is that they have engaged in criminal activities which are in violation fo the 1833 Factory Act. He is also is of the opinion that they ought to be punished to the full extend of the Law.

Explanation:

In the excerpt, he clearly states:

<em>I then went into the house to look at the time-book, and in the presence of one of the Masters referred to the cruelty of the case, and stated that I should certainly punish It with all the severity In my power....  </em>

<em />

Another phrase which supports his position states:

<em> I therefore, my lord, varied the Information, so as to enable me to sue for 80/ [about $400 In 2010], being four full penalties, ... </em>

<em />

Cheers!

7 0
3 years ago
Reba dixon is a fifth-grade schoolteacher who earned a salary of $38,000 in 2017. she is 45 years old and has been divorced for
dezoksy [38]
Explanation

a.

Alimony received: $1,200 per month × 12 months = $14,400

Gift from mother = $3,000 gift excluded from income

Disability insurance payments: $800 of $2,000 (40%) of payment excluded because taxpayer paid 40% of premium on insurance policy = $1,200

Moving expenses: $2,010 (for moving company) + $200 (for lodging) + $242 for mileage (1,426 miles × .17 cents per mile) = $2,452

Medical expenses: $6,445 − $6,385 [10% × (3)] = $60

Casualty loss deduction: $900 − $100 = $800 − $6,385 [10% × (3)] = $0

Personal and dependency exemptions: One personal and one for Heather. See Note A. below (2 × $4,050) = $8,100

Tax on taxable income: See head of household tax rate schedule; $1,335 + $4,955.70 [15% × ($46,388 − $13,350)] = $6,291

Note A. The first question we have to answer to determine Reba’s filing status is whether she can claim Heather as a dependent. If so, she may qualify for head of household filing status. If not, she will file a single taxpayer.

Does Heather qualify as Reba’s dependent? Yes, as analyzed below.

 

<span><span>TestIs Heather a qualifying child of Reba?</span><span>RelationshipYes, daughter</span><span>AgeYes, under age 24 and a full- time student (and younger than Reba).</span><span>ResidenceYes, Heather had the same principal residence as Reba for the entire year.</span><span>SupportYes. Heather did not provide more than half of her own support. Her scholarship does not count as support she provided for herself because she is Reba’s child.</span></span>

3 0
3 years ago
Your company is considering the replacement of an old delivery van with a new one that is more efficient. The old van cost $40,0
Helen [10]

Answer:

$51,164

Explanation:

The project's terminal cash flow is basically the cash flow of the project's last year.

depreciable value = $80,000 + $6,000 - $23,031 = $62,969

depreciation expense per year = $62,969 / 5 = $12,593.80 per year

net cash flow year 5 = [(savings - depreciation expense) x (1 - tax rate)] + depreciation expense + salvage value + recovery of net working capital = [($28,000 - $12,593.80) x (1 - 35%)] + $12,593.80 + $23,031 + $5,525 = $51,163.83 ≈ $51,164

7 0
2 years ago
The head of ABC Company announces that the company is going to start a weekend project teaching self-defense techniques to under
Mama L [17]

Answer:

Behavioral component

Explanation:

Attitude is the way we evaluate, prefer or reject a person or something which is determined by the information we have. General, it is how we tend to think or behave in a particular direction about a situation or something which is usually followed by feelings.

Attitude comprises of three components: cognitive, affective, and behavioral components.

The cognitive component of attitudes are the beliefs, characteristics and thoughts which are held by people about an object.

The affective component relates to emotions or feelings such hate, love or fear that are displayed by people toward something.

The behavior component of an attitude is they way a person intends or expects to behave toward an object. That is, it is an intention to react in a particular way toward an object or a situation.

Therefore, decision of Thomas to register for the project, as he is a trained kick-boxer, reflects the behavioral component of his attitude.

I wish you the best.

6 0
3 years ago
Follow = Multiple thanks ​
Liono4ka [1.6K]

Welcome welcome welcome

6 0
3 years ago
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