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igor_vitrenko [27]
3 years ago
12

Alice Copper has wages of $120,000 and dividend income from a mutual fund of $5,000. She has allowable itemized deductions of $9

,000. Alice is a single person with no dependents. What is the amount of Alice's Taxable Income
Business
1 answer:
Alexeev081 [22]3 years ago
4 0

Answer:

$112,600

Explanation:

Calculation for What is the amount of Alice's Taxable Income

Wages $120,000

Add Dividend Income $5,000

Adjusted Gross Income $125,000

($120,000+$5,000)

Less Standard Deduction(Single and no dependents) ($12,400)

Taxable Income $112,600

($125,000-$12,400)

Therefore the amount of Alice's Taxable Income will be $112,600

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Brown and Lowery, Inc. reported $470 million in income before income taxes for 2018, its first year of operations. Tax depreciat
damaskus [11]

Answer:

$20 Million

Explanation:

  • Reported Income before taxes for 2018= $470 Million
  • Tax Depreciation excess over Financially Reported Depreciation= $ 50 Million
  • Income Tax rate for 2018= 35%
  • Enacted Rate for Years after 2018= 40%

Calculation

  • The Deferred Tax Liability= Excess of Tax Depreciation over Financially Reported Depreciation × Enacted Tax Rate
  • = $50,000,000 × 40%
  • =$20,000,000

Deferred Tax Liability

This represents the tax due for a particular period but yet to be paid. A deferred tax liability is the indication that an organisation will have to pay mor tax in the future as a result of a current transaction.

In the situation of Brown and Lowery, the Deferred tax is an applied tax rate to the excess of tax depreciation over financial reporting depreciation.

Based on International Accounting Standard (IAS) 12, Deferred tax liability should be calculated using the Enacted rate for years after the current period.

Also, $50,000,000 is the excess of tax depreciationi over depreciation used for financial reporting, however, since the firm has a $20, 000,000 which is a non-tax deductible expense then it will not affect our Deferred Tax Liability Calculation.

8 0
3 years ago
Life skill class
lozanna [386]
C. A teacher (it is always good to consult an adult regarding rumors or school wrong-doings)

5 0
3 years ago
Meyer & Smith is a full-service technology company. They provide equipment, installation services as well as training. Custo
Iteru [2.4K]

Answer:

d. $90,000, $60,000, $30,000 respectively.

Explanation:

The computation of price allocated is shown below:-

Ratio of values $90,000 : $60,000 : $30,000

= 3 : 2 : 1

Total cost = $180,000

Equipment = $180,000 × 3 ÷ 6

= $90,000

Installation= $180,000 × 2 ÷ 6

= $60,000

Training = $180,000 × 1 ÷ 6

= $30,000

Therefore the Equipment, Installation, Training is $90,000, $60,000, $30,000 respectively.

7 0
3 years ago
Tore Company's records reveal the following information regarding its inventory. Beginning inventory was $100,000 at cost and 16
vodka [1.7K]

Answer:

$150,000

Explanation:

Ending inventory, the value of goods available for sale at the end of the accounting period, plays an important role in reporting the financial status of a company and can best be figured out using the equation,

Ending Inventory = Beginning Inventory + Net Purchases - Cost of Goods Sold (or COGS)

Beginning Inventory = $160,000 in retail

Net purchases = $500,000 in retail +$10,000 Markups

Cost of goods sold = $500,000

So, End Inventory = 160,000+500,000+10,000-500,000

End Inventory = $150,000

4 0
3 years ago
"When a T-shirt manufacturer states, ""We sell it only in black because that way we can buy plenty of black fabric and run our p
aleksandr82 [10.1K]

Answer:

Production Oriented or Mass Production Era.

Explanation:

This marketing era took place around the mid 1800s and lasted until the early 1920s. It was basically a result of the industrial revolution where mass production started and manufacturing costs started to decrease. Most businesses would produce only one or very few types of products, and most business people thought that if they were to manufacture something, someone would buy it. Since this type of mass production was something totally new, people had lots of products available and relatively cheap for the first time, and indeed most of the production was sold that way.  

3 0
3 years ago
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