Answer:
Baltimore Inc.
a. Total taxable income = $47,200
b. Income tax payable = $11,800
c. Income tax expense = $11,250
d. Net income = $33,750
Explanation:
a) Data and Calculations:
GAAP determined pretax income = $45,000
Add nondeductible fines 5,000
Less exempt municipal interest revenue 2,800
Total taxable income $47,200
Income tax (25%) 11,800
Income tax expense:
GAAP determined pretax income = $45,000
Income tax (25%) 11,250
Net income $33,750
b) The differences between the GAAP determined pretax income and the tax determined taxable income are due to permanent differences (not temporary). This implies that there are no deferred tax assets and liabilities and no recoveries from deferred taxes. However, in reporting its financial performance for the year, Baltimore Inc. still has to comply with the GAAP rules and not the tax rules.
Can I get more information?
Answer:
$1
Explanation:
The computation of the dividend per share is shown below:
Given that
Earning per share for this year =4
Target Payout Ratio = 25%
Paid dividend per share = $0.60 per share
Based on the above information, the dividend per share is
= Earning per share × Payout Ratio
= 4 × 25%
= 1
Therefore, Dividend per share is 1
We simply multiplied the earning per share with the payout ratio so that the dividend per share could come
Answer:
Explanation:
I would recommend the following financial services:
- Using a debit card: this will eliminate the need for Kim to move around with cash or physical checks in order for her to make purchases directly from her savings.
- The use of mobile banking services: this is a service that her bank provides, in which Kim can carry out transactions remotely, using her phone. It is called mobile banking because transactions can be performed on the go. Kim can access her accounts anytime, and she can also be alerted via text messages about her bank account status.
- The use of online banking services: this will also be a convenient method for Kim to carry out financial transactions, because this can be conducted over the internet, and at Kim's convenience.
