This year, Sooner Company reports a deficit in current E&P of ($304,000). Its accumulated E&P at the beginning of the year was $220,000. Sooner distributed $440,000 to its sole shareholder, Boomer Wells, on June 30 of this year. Boomer's tax basis in his Sooner stock before the distribution is $86,000. (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) c. What is Sooner's balance in accumulated E&P on the first day of next year? Balance in accumulated E&P at the beginning of next year

The B/S and I/S for Company ABC are below.  At the beginning of year 1, all B/S items are zero except for a Factory, that begins year 1 at 200,000. All inventory is sold by the end of each year (EOY), but some sales and some expenses are “on account”. EBT for tax purposes is the same as the EBT on the Income Statement. Corporate taxes are 21%, and are paid in cash at EOY.  All cash the company has at EOY is paid as cash dividends to shareholders. Calculate the dividends issued by the company each of the four years.   End Of Yr1 EOY 2 EOY 3 EOY 4 Balance Sheet (B/S)         Accounts Receivable 5,000 15,000 15,000 10,000 Accounts Payable 4,000 6,000 8,000 10,000 Cash 0 0 0 0 Factory 175,000 150,000 125,000 100,000           Income Statement (I/S)         Revenues 190,000 200,000 200,000 200,000 COGS + SG&A (110,000) (90,000) (70,000) (50,000) Depreciation…

During the year just ended, Spriha’s distribution had pretax earnings from operations of $2,290,000. In addition, during the year it received $150,000 in income from interest on bonds & received $88,000 in income from dividend on common stock holding in Microsoft. Spriha’s distribution company is in the 40% tax bracket & is eligible for 70% dividend exclusion.*Interest income received by the company is treated as ordinary income. a. Find the tax and after-tax amount attributable to the interest income.b. Find the tax and after-tax amount attributable to the dividend income

Collette​'s Cookie Company provided the following account balances from its​ year-end trial balance. During the​ year, Collette issued​ no-par common stock. The proceeds of the new issue were $20,000 . The company is subject to a 40​% income tax rate. The beginning balance in common stock was $460,000 . Collette’s Cookie CompanyTrial Balance (Selected Accounts)For the Current Year Ended December 31AccountDebitCreditRetained Earnings, Beginning Balance $1,100,300Accumulated Other Comprehensive Income, Beginning Balance$52,350 Dividends54,000 Sales 1,100,000Interest Income 3,300Dividend Income 3,650Gain on Sale of Property 6,500Gain on Disposal of Plant Assets 85,000Unrealized Gain on Trading Investments 27,350Unrealized Gain on Available-for-Sale Bonds before Tax 3,400Gain on Sale of Discontinued Operations before Tax 50,600Cost of Goods Sold400,000 Selling Expenses33,000 Office Supplies Expense56,700 Amortization Expense11,500 Sales Salaries Expense24,000 Advertising Expense23,000…