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agasfer [191]
2 years ago
6

A corporation in 2017 expects a gross income of 500000, total operating expences of 400000, and teh capitol investments of 20000

. in addition the corporation is able to declare 60000 of depreciation charges for the year. what is the expected taxable income and total federal income taxes owed for teh year 2017?
Business
1 answer:
Naily [24]2 years ago
8 0

Answer:

Taxable income = Gross income - Total operating expenses - Depreciation

= 500,000 - 400,000 - 60,000

= $40,000

Federal corporate income tax rate in 2017 was 35% so income taxes are;

= 40,000 * 35%

= $14,000

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exercise 4-9A Calculate the balance of cash using a bank reconciliation (LO4-5) Spielberg Company's general ledger shows a check
algol13

Answer:

$22,789

Explanation:

One of the uses of the Bank Reconciliation Statement is to check the accuracy of the Cash Balance.

The Balance on the Bank Statement and that of the Cash Book in the Ledgers should always agree.

Bank Reconciliation Statement as a July 31

Balance as per Bank Statement                      $22,364

Add Lodgments not yet credited                       $1,745

Less unpresented checks                                 ($1,320)

Balance as per Cash Book                               $22,789

Therefore,

The balance of cash using a bank reconciliation is $22,789

5 0
3 years ago
A machine costing $450,000 with a four-year life and an estimated $30,000 salvage value is installed by Lux Company on January 1
Tasya [4]

Answer:

$112,500

Explanation:

Depreciation expense using the double declining method = Depreciation factor x cost of the asset

Depreciation factor = 2 x (1/useful life)  

Depreciation expense in year 1 = 2/4 x $450,000 = $225,000

Book value at the beginning of year 2 =  $450,000 - $225,000 =  $225,000

Depreciation expense in year 2 = 2/4 x $225,000 = $112,500

4 0
2 years ago
A firm purchased 50 units of materials with a unit price of $1.30 on June 1. On June 15, the firm purchased 50 units with a unit
dsp73

Answer: $83

Explanation:

Given that,

On 1 June,

Materials purchased = 50 units

Unit price of material = $1.30

On June 15,

Materials purchased = 50 units

Unit price of material = $1.20

Total cost of 65 units:

= (Material purchased on 1 June × Unit price of material) + [(65 units - 50 units) × $1.20]

= (50 units × $1.30) + (15 units × $1.20)

= $65 + $18

= $83

8 0
3 years ago
Project: Interview
natulia [17]

A professional interview is a stage where information about the candidate's professional profile, experiences and job details are discussed.

<h3 /><h3>How can an interview influence the candidate's vision?</h3>

The candidate is able to develop insights into the career for which they are aiming for a position in the job market, through the information provided by the recruiter about the position and the characteristics desired by professionals, such as:

  • Communication
  • Creativity
  • Flexibility

Therefore, in a marketing career, for example, there are several characteristics that correspond to the most demanded in a candidate, due to the speed of market changes that demand constant innovation and creativity.

Find out more about interview here:

brainly.com/question/8846894

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3 0
2 years ago
Reunion BBQ has $4,000,000 of notes payable due on March 11, 2017, which Reunion intends to refinance. On January 5, 2017, Reuni
Leya [2.2K]

Answer:

$500,000 of notes payable as short-term and $3,500,000 as long-term obligations.

Explanation:

Short term liabilities are those liabilities which need to be paid within one year time and Long term liabilities are those liabilities which need to be paid after one year time.

In this question $4,000,000 of note payable with refinancing of $3,500,000 in following month after year end which means that the a payment of $500,000 ($4,000,000 - $3,500,000) is required in the following months. So, $50,000 will be short term liability and renewed fiance of $3,500,000 long term liability.

3 0
3 years ago
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