ACC 432B - Tax Research Memorandum

nt i Net sales (all credit) Less: Cost of goods sold Gross profits Less: Other operating expenses EBITDA Less: Depreciation and amortization EBIT Less: Interest EBT Less: Taxes Net income Determine the firm's 2021 tax liability. Tax liability Oakdale Fashions, Inc.'s, 2021 income statement is reported below. (Use corporate tax rate of 21 percent for your calculations.) Oakdale Fashions, Inc., Income Statement for 2021 Determine the firm's 2021 net income. Net income $ 660,000 253,000 $ 407,000 128,000 $ 279,000 18,800 $ 260,200 89,500 $ 170,700 $ Saved < Prev K myPay 2 of 12 ww Next aos mefa

Company Blackmores Analyse and discuss the key legal and regulatory, financial, operational and taxation issues relevant to the company's international operations in the identified country. (China) Please in detail, thank you so much I hope you have a great day

Which of the following expenses are reported on the income statement when they are incurred?   Direct material   Product costs   Period costs   Indirect material

Income statements for two companies (A and B) and the income statement for the industry are provided in the following table: (S thousands) Sales Cost of goods sold Selling, general, and administrative expenses Interest expense Pretax earnings Taxes Net earnings Company A $10,500 6,353 2,625 840 683 205 $478 Company B $8,250 5,239 2,021 536 454 145 $309 Industry 100.0% 62.8% 24.8% 7.0% 5.4% 1.7% 3.7% State your analysis based on the above information, which company is more competitive in the industry? Why?

17.7 Rotana Construction, Inc., has operated for the last 21 years in a northern U.S. state where the state income tax on corporate revenue is 6% per year. Rotana pays an average federal tax of 23% and reports taxable income of $7 million. Because of pressing labor cost increases, liability insurance premium increases, and other cost increases, the president wants to move to another state to reduce the total tax burden. The new state may have to be willing to offer tax allowances or an interest-free grant for the first couple of years in order to attract the company. You are an engineer with the company and are asked to do the following. (a) Determine the effective tax rate for Rotana. (b) Estimate the state tax rate that would be necessary to reduce the overall effective tax rate by 10% per year. (c) Determine what the new state would have to do financially for Rotana to move there and to reduce its effective tax rate to 22% per year.

Learning 9g.cengage.com/static/nb/ui/evo/index.html?deploymentld%35982812479578414089770649020&elSBN=978035; A Tax Document E ECSI - TaxSelect Do. SeAccount Quick Car. B Calendar | Navigate Main Street Comm. CENGAGE MINDTAP Homework (Ch 10) Back to Assignment Attempts Keep the Highest/1 4. Understanding different policy options to correct for negativeexternalities Carbon dioxide emissions have been linked to increased air pollution. The following table lists some possible public policies aimed at reducing the amount of carbon dioxide in the air. For each policy isted, identify whether it is a command-and-control policy (regulation), tradable permit system, corrective subsidy, or corrective tax Tradable Permit System Corrective Subsidy Command-and- Corrective Public Policy Control Policy Tax The government orders every factory to adopt a new technology, which reduces carbon-dioxide emissions into the atmosphere. Trees take cartbon dioxide out of the air and convert it to okygen, so the…

View Policies Current Attempt in Progress Prepare a 2020 income statement for Oriole Corporation based on the following information: Cost of goods sold $480,000 Operating expenses 102,000 Other expenses and losses 30,500 20 Sales revenue 710,000 Tax rate 30% ORIOLE CORPORATION Income Statement For the Year Ended December 31, 2020 Sales Revenue 710000 Cost of Goods Sold 480000 %24

Laila’s Surveying Inc. had revenues of $1.5 million in 2016. Expenses totaled $900,000. What was her net profit (or loss) if the tax rate is 38%?

Devlin is a computer programmer who earned $30,000 in 2019. But on January 1, 2020 Devlin opened a landscaping business. Question Facts At the end of the first year of operation, he submitted the information on the right to his accountant. 1. Devlin stopped renting out his cottage for $4,000 a year and used it as his business premises. The accountant recorded the depreciation on Devlin's cottage during 2020 as $2,000. 2. The market value of the cottage increased from $70,000 to S71,000. 3. He spent $10,000 on materials, phone, utilities, etc. According to the accountant, what profit did Devlin make? 4. He leased machines for $14,000 a year. 5. He paid $5,000 in wages. 6. He used $5,000 from his savings account, which earns 5 percent a year interest. According to the accountant, Devlin's profit is O A. $165,800 O B. $104,550 OC. $30,000 7. He borrowed $40,000 at 8 percent a year from the bank. 8. He sold $200,000 worth of landscaping. 9. Normal profit is $30,000 a year. O D. $28,000

Question 9 (1 point) In creating a corporation, once the articles of incorporation are filed with the appropriate provincial or federal office, the provincial or federal government may then issue a: Corporate collaboration Corporate contract O Corporate commentary Certificate of incorporation Corporate chapter

Help Save Suppose a corporation has two subsidiaries, one of which is unregulated and sells all of its output to the other, regulated subsidiary. Permitted profits at the regulated subsidiary are equal to 10 percent of total costs. The initial profit picture for the subsidiaries is provided in the table below: Unregulated Subsidiary Regulated Subsidiary Total $ 650,000 N/A revenue $ 350,000 $300,000 $1,000,000 $ 100,000 Total costs Total profit If the unregulated subsidiary doubles its selling price to the regulated subsidiary, what are the new profits at Instructions: Enter your responses as a whole number. (a) The unregulated subsidiary? profit = $ (b) The regulated subsidiary? profit = $ & 23 24 8. *00 w/ %S4

Lanni sells the software product to Microsoft, which will market it to the public under the Microsoft name. Lanni accepts payment in the form of 1,500 shares for $80 per share. Prepare the balance sheet after Lanni accepts the payment of shares from Microsoft. (Omlt the "S" sign In your response.) C- 1. Assets Liabilities & Shareholders' Equity Microsoft shares Bank loan Computers Shareholders' equity Total Total

If each twisted clevis costs $10 and 1,200,000 are sold before a $3 excise tax is placed on the sale of each twisted clevis, and then each twisted clevis costs $12.50 and 1,000,000 are sold after the $3 excise tax, the company will receive in total revenue. Question 16 options: a) $3,000,000 b) $12,500,000 c) $2.50 d) $2,500,000

The financial statements of Inland Engineering are provided below. What is the firm's return-on- equity? (provide your answer in the nearest %, i.e., no decimal places) Balance Sheet Statement, 2020 (in $million) Income Statement, 2020 (in $million) Current assets 861 Gross sales 1,580 Fixed assets 1,086 Cost of goods sold (1,119) Current debt 390 Operating expenses (573) Long-term debt 214 Income taxes (169)

QUESTION 7 Answer Questions 7-9 based on the information below. Use the space provided to write-in your answer. Please use numeric values in fill-in the blanks answers. AU.S.-based MNC has a subsidiary in Beerovia, a small country in Central Europe. The U.S. parent's pre-tax income for 2020 was $400m, while the Beerovian subsidiary's pre-tax income was $200m. The US tax rate is 20%, while Beerovia's tax rate is 15%. Question 7. If the MNC paid full taxes in both countries, its tax rate would be percent ; it would pay a total of in taxes (in both countries).

Subject: calculus  Shannon is a resident for the full year and has given you the following information for the preparation of her income tax return for current tax year: Wage income $27,000 Investment income $1,700 Allowable Deductions $175 PAYG (W) per payment summary $3,576 PAYG (I) on investment income paid $43 per quarter Calculate Shannon’s tax credits for the current tax year.

For the most recent year, LMN, Inc., had sales of $467396, cost of goods sold of $234116, depreciation expense of $51178, and additions to retained earnings of $69054. The firm currently has 18455 shares of common stock outstanding, and the previous year's dividends per share were $1.31. Assuming a 27 percent income tax rate, what was the times interest earned ratio? Answer to two decimal places.

Outline and concept of supply and demand as it relates to revenue management. Type answer required

Qno1 On January 1, the total market value of the Tysseland Company was $60 million. During the year, the company plans to raise and invest $30 million in new projects. The firm’s present market value capital structure, shown below, is considered to be optimal. Assume that there is no short-term debt.   Debt                                        $30,000,000 Common Equity                       30,000,000 Total Capital                           $60,000,000   New bonds will have an 8 percent coupon rate, and they will be sold at par. Common stock is currently selling at $30 a share. Stockholders required rate of return is estimated to be 12 percent, consisting of a dividend yield of 4 percent and an expected constant growth rate of 8 percent. The marginal corporate tax rate is 40 percent.   To maintain the present capital structure, how much of the new investment must be financed by common equity? Assume that there is sufficient cash flow such that Tysseland can maintain its target…

Economics lan is the dim-witted buyer of a partnership interest in a company buying structured foreign tax credits. Ann, an accounting student, is an unwilling accomplice in a brochure misstating partnership tax consequences. Please identify what major tax penalties in the code could apply to lan and Ann.

The tax rates for a particular year are shown below: Taxable Income Tax Rate $0 – 50,000 15 % 50,001 – 75,000 25 % 75,001 – 100,000 34 % 100,001 – 335,000 39 % What is the average tax rate for a firm with taxable income of $124,513?

D&R A3 3 - 7 Question 3. FRA Pricing, Valuation, Payoff, and Hedging Today is June 1. Sustainable Corporation has an obligation of $25 million coming due on August 1. The company is planning to borrow this amount on August 1 to fulfill its obligation, and plans to pay back the loan on December 1. The company’s borrowing rate is LIBOR + 125 basis points. The company’s bank presents it with the following LIBOR term structure: # days LIBOR 30 0.90% 60 1.00% 90 1.05% 120 1.10% 150 1.15% 180 1.18% 210 1.20% 240 1.21%   For the calculation of interest, the bank assumes 30 days in a month, and 360 days in a year. Ms. Devro, the VP Finance of Sustainable, is worried that LIBOR will increase between June and August, thus increasing the company’s borrowing cost. She advises that the company enters into a forward rate agreement (FRA) with its bank to hedge its interest rate risk. She has asked you, the treasurer of the company, to…

In Protected View. Enable Editing e isn't genuine, and you may be a victim of software counterfeiting. Avoid interruption and keep your files safe with genuine Office today. Get genuine Office Q1. A company produces circuit boards used to update old-fashioned computer equipment. The taxes cost the company $20,000 per month, and the executive salaries cost $30,000 per month. The Materials used in the production cost $60 per circuit board. The selling price per unit isp $150 -0.02D. Maximum output of the plant is 4,000 units per month. a. What is the profit per month? b. Determine optimum demand for this product. c. What is the maximum profit per month? d. At what volumes do breakeven occur? e. What is the company's range of profitable demand?

Last year Chloe quit her $60,000 per year job as a web-page designer for a leading computer software company to buy a small hotel on Saranac Lake. The purchase price of the hotel was $300,000, which she financed by selling a tax-free municipal bond that earned 5.5% per year. Chloe’s total operating expenses and revenues were $100,000 and $200,000, respectively. A. Calculate Chloe’s accounting profit. B. Calculate Chloe’s economic profit.

1) Presented below are a number of business transactions that occurred during the current year for Barela, Inc. Instructions In each of the situations, discuss the appropriateness of the journal entries in terms of generally accepted accounting principles. a)The company is being sued for $500,000 by a customer who claims damages for personal injury apparently caused by a defective product. Company attorneys feel extremely confident that the company will have no liability for damages resulting from the situation. Nevertheless, the company decides to make the following entry. Loss from Lawsuit 500,000  Liability for Lawsuit 500,000  (b) Because the general level of prices increased during the current year, Barela, Inc. determined that there was a $16,000 understatement of depreciation expense on its equipment and decided to record it in its accounts. The following entry was made. Depreciation Expense 16,000 Accumulated Depreciation-Equipment 16,000   (c) Barela, Inc. has been concerned…

Chapter 27 Review 14 Sovell Help Save & Exit Subr Shepherd's Homes is evaluating the lease versus the purchase of a machine costing $241,000 that would be depreciated using MACRS over a four- year period, after which the machine would be worthless. MACRS rates are 33.33 percent, 44.44 percent, 14.82 percent, and 7.41 percent for Years 1 to 4. respectively. The machine could be leased for $91,000 per year for four years. The firm can borrow at 5.7 percent and has a tax rate of 21 percent However, the firm does not expect to pay any taxes for the next five years. What is the net advantage to leasing? eBook Multiple Choice References -$76,503 $2,218 $983 $118,718

c) Instead of introducing the 20% corporate tax in part (b), the government decided to add an ad valorem input tax of 100% to input 2. What is the profit-maximizing amount of each input to use? What is the profit-maximizing output? How much is Rodrigo’s new profit?

Refer to Case 3: Wal-Mart Manages Ethics and Compliance Challenges Investors in your company have been complaining because they feel that top executives are taking the company in a bad direction. Investors are calling for new board members. How would you answer these stakeholders? Be sure to address: How Wal-Mart is managing ethics and social responsibility Wal-Mart’s response to ethical issues Wal-Mart’s contribution to improving economic sustainability of society

A company's second year operations can be summarized as follows: Revenues: $110 000 Expenses (except CCA): $65 000 Its capital asset purchases in the first year totalled $100 000, with none in the second year. With a CCA rate of 20 percent and a tax rate of 55 percent, how much income tax did it pay?

Portions of the financial statements for Software Associates are provided below.   SOFTWARE ASSOCIATESIncome StatementFor the year ended December 31, 2021     Net sales   $670,000 Expenses:     Cost of goods sold $400,000   Operating expenses 126,000   Depreciation expense 32,600   Income tax expense 47,000   Total expenses   605,600 Net income   $64,400   SOFTWARE ASSOCIATES   Selected Balance Sheet Data   December 31, 2021, compared to December 31, 2020   Decrease in accounts receivable $9,600 Decrease in inventory 12,600 Increase in prepaid rent 2,600 Decrease in salaries payable 3,600 Increase in accounts payable 6,600 Increase in income tax payable 7,600   Required: Prepare the operating activities section of the statement of cash flows for Software Associates using the indirect method. (List cash outflows and any decrease in cash as negative amounts.)     SOFTWARE ASSOCIATES Statement of Cash Flows (partial) For the Year…

Rita Smith, a smart pretty lady, stole £500,000 from a small boutique where she had been employed for 12 years as a bookkeeper. Rita confessed that she had been stealing from the company for eight years and had blown all the proceeds   on   herself   and   her   family   before   she was finally caught.   The boutique is a small private business and only engages the services of an accountant to prepare the company’s tax returns on an annual basis in order to comply with the HRM Revenue requirement, so the business was never audited. Rita also acted as the store’s “accounting department.” She made deposits, signed cheques and reconciled the store’s bank account. After 4 years of unrelenting temptation, Rita finally gave in. Thereafter, for eight years, she   systematically   stole money from the boutique using the same method. She would make out a company cheque to herself (in her own true name), sign it and deposit the proceeds in her personal bank account. To cover   the   theft,…