On December 30, 2014, Yang Corporation granted compensatory stock options for 5,000 shares of its $1 par value common stock to c
1 answer:
Answer: See explanation
Explanation:
The selected journal entries for the company has been prepared and attached. Note that:
Cash on January 1, 2017 was calculated as: = (30 × 5000 × 90%)
= 30 × 5000 × 0.9
= $135000
Paid in capital - stock options was calculated as:
= (80000 × 90%)
= $80000 × 0.9
= $72000
Common stock was gotten as: (5000× 90% × 1)
= $5000 × 0.9 × 1
= $450
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Answer:
The income before tax is $370450, the income tax is $111135 and the net income is $259315.
Explanation:
As the data table is not visible,online a similar question is found for which the data is attached here with.
From the given data
Service Revenue=$943,000
Interest Revenue=$127,1000
Total Revenue=Service Revenue+Interest Revenue=$1070100
Now The expenses are given as
Supplies Expense=$349,200
Repairs and Maintenance Expense =$258,300
Depreciation Expense=$60,350
Rent Expense=$ 31,800
Total Expense=Supplies Expense+Repairs and Maintenance Expense+Depreciation Expense+Rent Expense=$699650
So the income before tax is given as
Income=Total Revenue-Total Expense
Income=$1070100-$699650
Income=$370450
So the income before tax is $370450.
Now the tax is estimated at 30% as given tax rate as
Tax=Rate*Income
Tax=30%*$370450
Tax=$111135
So the income tax is $111135.
Now the Net income is given as
Net Income=Income-Tax
Net Income=$370450-$111135
Net Income=$259315
So the Net Income is $259315.
Answer
The answer and procedures of the exercise are attached in the following 3 images.
Explanation
Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in 3 sheets with the formulas indications.
