Answer:
c. $107,600 taxable income: $23,672 tax liability.
Explanation:
Taxable Income calculation:
Taxable Income beginning $90,100
Add: gain on sales on Wal-Mart stock $13,000
Less: Loss on sale of PG&E stock $7,000
Add: Gain on Cisco common stock $11,500
Taxable Income at end $107,600
Answer: $66,810,000
Explanation: take the balance at the beginning of the year add it to the net income from statement of comprehensive incomes then minus the cash dividends declared from the total of the beginning balance and net income then get the retained balance at the end of the 20Y3 year of 66 810 000.
The stock dividends of 2,600,000 have two accounts involved which is stock( inventory) and dividends declared which is an liability.
Sumter Pumps Corporation
retained income statement for the year ending 31 december 20Y3
balance 01/jan/20Y3 $59,650,000
CHANGES IN EQUITY
Net Income 8,160,000
dividends paid and declared
Cash dividend 1,000,000
stock dividend 0
balance 31 dec 20Y3 $66,810,000
The equilibrium is the middle, or the point where the lines meet
So when we look at the point at which they lie at, we can see that it isn't exactly eight and it isn't exactly ten, it's in between those two numbers
So the answer is nine dollars
Answer:
Results are below.
Explanation:
<u>First, we will determine the net income for tax purposes:</u>
Sales= 800,000
Expenses other than depreciation= (350,000)
Gross profit= 450,000
Depreciation= (200,000)
EBT= 250,000
Tax= (250,000*0.34)= (85,000)
Depreciation= 200,000
Net income= 365,000
<u>Now, for reporting purposes:</u>
Gross profit= 450,000
Depreciation= (130,000)
EBT= 320,000
Tax= (320,000*0.34)= (108,800)
Depreciation= 130,000
Net income= 341,200
