1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
KengaRu [80]
2 years ago
6

Jimenez Enterprises is incorporated in Arkansas. It generated a $5,000,000 profit on its overseas operations this year. Jimenez

paid $2,000,000 in income taxes to other countries. Jimenez's marginal Federal income tax rate is 21%. Compute the Jimenez Enterprises' foreign tax credit and carryovers for the year.
Business
1 answer:
anygoal [31]2 years ago
3 0

Answer:

Consider the following explanation

Explanation:

Foreign tax credit allowable is the minimum of Federal Income Tax and Income tax paid in foreign country. Here, Jimenez had paid 40% (2,000,000/5,000,000) income tax in foreign country. So. Jimenez will only be eligible to take foreign tax credit of 1,050,000 i.e. 5,000,000 * 21% and there will be carryover of $950,000 (2,000,000 - 1,050,000) foreign taxes.

There is carryover tax when we cannot use the whole amount of foreign tax credit in the current year and the balance foreign tax is carried over to future years.

You might be interested in
Whats the meaning of oligopoly and monopoly market structure​
leonid [27]
Oligopoly is a market structure with a small number of firms, none of which can keep the others from having significant influence. A monopoly is one firm, a duopoly is two firms and an oligopoly is two or more firms.
6 0
2 years ago
Read 2 more answers
Chavez Corporation reported the following data for the month of July:
Alchen [17]

Answer:

Direct Material Cost for July=$60,600

Explanation:

The direct materials cost for July is is calculated as:

Raw Material in the beginning=$34000

Additional Raw materials purchases=$69500

Total Raw material Available=Raw Material in the beginning+Additional Raw materials purchases

Total Raw material Available=$34000+$69500

Total Raw material Available=$103500

Ending Raw material=$33500

Raw material used in production=Total Raw material Available-Ending Raw material

Raw material used in production=$103500-$33500

Raw material used in production=$70000

Indirect materials included in manufacturing=$9400

Direct Material Cost=Raw material used in production-Indirect materials included in manufacturing

Direct Material Cost=$70000-$9400

Direct Material Cost=$60,600

8 0
2 years ago
Read 2 more answers
In which of the following scenarios will you be entitled to pay the least amount of money out-of-pocket for a medical expense?
solong [7]
You have no insurance.
7 0
2 years ago
Exercise 16-05 a-b (Video) In Waterway Company, materials are entered at the beginning of each process. Work in process inventor
____ [38]

Answer:

(a) Total units for January = 14,200

Total units for May = 23,260

(b). Conversion cost for :

January = 13,053  

March = 13,660

May = 21,688

July = 11,212

Explanation:

As per the data given in the question,

1)

                                                 Jan.                        May

Units to be accounted for

Beginning WIP                            0                            0

Started into production            14,200                   23,260

Total number units                   14,200                   23,260

Units accounted for

Transferred out                         11,100                   15,400

Ending WIP                                 3,100                      7,860

Total units                                 14200                   15400

2)

We can calculate the conversion cost by using following formula:

Conversion cost = Transferred out unit + (Work in process  unit × conversion cost)

                            Material           Conversion cost

Jan.                       14,200                    13,053              (11,100 + 3,100 × 63%)

Mar.                      15,700                     13,660              (12,300 + 3,400 × 40%)

May                       23,260                   21,688             (15,400 + 7,860 × 80%)

July                        12,400                   11,212              (10,200 + 2,200 × 46%)

7 0
2 years ago
The primary objectives of control over inventory are
Morgarella [4.7K]

Answer: The correct answer is to safeguard the inventory and reporting the inventory on the financial statements.

Explanation: One of the primary objectives of control over inventory is to safeguard the inventory from damage or theft. The second objective is to report the inventory on the financial statements.

4 0
3 years ago
Other questions:
  • On October 1, 2021, a company sells $800 of gift cards to customers. The gift cards expire one year from the date of sale. By Oc
    10·1 answer
  • High Mountain Lumber (HML) has normal budgeted overhead costs of $115,150 and a normal capacity of 35,000 direct labor hours for
    8·1 answer
  • The top management of Tasty Foods, a food distribution company, has set strategic goals of increasing organizational market shar
    11·1 answer
  • g You will be receiving cash flows of: $2,000 today, $3,000 at end of year 1, $5,000 at end of year 3, and $7,000 at end of year
    12·2 answers
  • Investment banks are guilty of conflict of interest when they A) pressure their analysts to produce research favorable to their
    8·1 answer
  • Governments may intervene in a market economy in order to
    11·2 answers
  • In the current year, Borden Corporation had sales of $2,190,000 and cost of goods sold of $1,295,000. Borden expects returns in
    8·1 answer
  • The entity that collects economic data at a regional level is the:___________
    14·1 answer
  • Julie evaluated her spending and found that she was spending about $75 more per month on transportation than she has bodgeted Sh
    11·1 answer
  • In terms of commonly traded organizational currencies, providing friendship, giving emotional backing, and listening to others'
    5·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!