Question
In: Finance
Given the following information, forecast the taxes to be paid in 2019. 2018 Income Statement Amounts:...
Given the following information, forecast the taxes to be paid in 2019. 2018 Income Statement Amounts: Sales 30,000 COGS 13,650 Selling Expenses 3,000 Depreciation 2,250 Fixed Expenses 3,000 EBIT 8,100 Taxes (40%) 3,240 Net Income 4,860 Sales are forecast to grow to $37,500. COGS & Selling Expenses are expected to change at the same rate as sales. Depreciation and Fixed Expenses are expected to remain the same. The tax rate will remain at 40%.
Solutions
Expert Solution
Given,
Sales in 2019 = $ 37500
Sales in 2018 = $ 30000
Tax rate = 40%
Solution :-
jeff jeffy answered 4 months agoRelated Solutions
Leah earned $88,000 in taxable income in 2018 and paid $19,360 in taxes. Leah earned $89,910 in taxable income in 2019 and paid $19,837.50 in taxes.
Leah earned $88,000 in taxable income in 2018 and paid $19,360
in taxes. Leah earned $89,910 in taxable income in 2019 and paid
$19,837.50 in taxes. What is Leah’s 2019 marginal tax rate?23%25%34%22%
Use the following information to calculate cash paid for income taxes: Income Tax Expense $ 65,000...
Use the following information to calculate cash paid for income
taxes:
Income Tax Expense
$
65,000
Income Tax Payable, January 1
24,000
Income Tax Payable, December 31
14,500
Multiple Choice
$65,000.
$89,000.
$79,500.
$55,500.
$74,500.
A manufacturer reports the following costs to produce 24,000
units in its first year of operations: Direct materials, $24 per
unit, Direct labor, $20 per unit, Variable overhead, $216,000, and
Fixed overhead, $288,000. Of the 24,000 units produced, 23,200 were
sold, and 800 remain in...
Forecast an Income Statement Following is the income statement for Medtronic PLC for the year ended...
Forecast an Income Statement
Following is the income statement for Medtronic PLC for the year
ended April 29, 2016.
Consolidated Statements of Income
Apr. 29, 2016
Apr. 24, 2015
Apr. 25, 2014
Net sales
$29,944
$20,261
$17,005
Costs and expenses
Cost of products sold
9,283
6,309
4,333
Research and development expense
2,224
1,640
1,477
Selling, general, and administrative expense
9,469
6,904
5,847
Special charges (gains), net
70
(38)
40
Restructuring charges, net
290
237
78
Certain litigation charges, net
26...
4. Taxes paid for a given income level Charles is getting ready to do his taxes....
4. Taxes paid for a given income level
Charles is getting ready to do his taxes. He is single and lives
in San Diego. Charles earned $300,000 in 2011. He reviews the
following table, which shows the IRS tax rates for a single
taxpayer in 2011.
On Annual Taxable Income...
The Tax Rate Is...
(Percent)
Up to $8,500
10
From $8,500 to $34,500
15
From $34,500 to $83,600
25
From $83,600 to $174,400
28
From $174,400 to $379,150
33
Over...
Review the following information for Acco Brands relating to the year 2018. 1. Income taxes of...
Review the following information for Acco Brands relating to the
year 2018.
1. Income taxes of $270,000 are due for the 2018 tax year. The
tax rates are 30% for 2018.
2. Depreciation reported on the tax return exceeded depreciation
reported on the income statement by $75,000. This difference will
reverse in equal amounts of $25,000 over the years 2019 thru
2021.
3. Interest received on municipal bonds was $24,000
4. Advanced rent collected on January 1, 2018 totaled $45,000...
Darwin Corp. shows the following information from its 2019 statement of comprehensive income. In 2019, the...
Darwin Corp. shows the following information from its 2019
statement of comprehensive income.
In 2019, the firm issued $6,242 in new shares, paid $14,481
dividend, and reduced $5,140 outstanding long-term debt. The
corporate tax rate was 0.43.
Sales
$
255,206
Costs
157,942
Depreciation
17,246
Other expenses
8,864
Interest
14,259
Compute the 2019 CFC (cash flow to creditors) amount
Preparing an Income Statement and a Statement of Comprehensive Income The following pretax amounts are taken...
Preparing an Income Statement and a Statement of
Comprehensive Income
The following pretax amounts are taken from the adjusted trial
balance of Avoca Auto Corp. at December 31, 2020, its annual
year-end.
Sales Revenue $416,000
Cost of good sold 176,000
operating expenses 128,000
gain on debt retirement 32,000
interest expense 12,800
loss from discontinued operations. 80,000
retained earnings balance, December 31, 2019 48,000
dividends declared and paid 40,000
unrealized holding gain on debt investment securities, net of
tax 6,400
Common...
Analyzing, Forecast, and Interpret Income Statement and Balance Sheet Following are the income statement and balance...
Analyzing, Forecast, and Interpret Income Statement and
Balance Sheet
Following are the income statement and balance sheet of Whole Foods
Market Inc.
WHOLE FOODS MARKET INC.
Consolidated Statement of Operations
Fiscal Years Ended (in millions)
Sept 25, 2016
Sept 27, 2015
Sales
$15,724
$15,389
Cost of goods sold and occupancy costs
10,313
9,973
Gross profit
5,411
5,416
Selling, general and administrative expenses
4,477
4,472
Pre-opening expenses
64
67
Relocation, store closures and lease termination costs
13
16
Operating income
857...
Analyzing, Forecast, and Interpret Income Statement and Balance Sheet Following are the income statement and balance...
Analyzing, Forecast, and Interpret Income Statement and
Balance Sheet
Following are the income statement and balance sheet of Whole Foods
Market Inc.
WHOLE FOODS MARKET INC.
Consolidated Statement of Operations
Fiscal Years Ended (in millions)
Sept 25, 2016
Sept 27, 2015
Sales
$15,724
$15,389
Cost of goods sold and occupancy costs
10,313
9,973
Gross profit
5,411
5,416
Selling, general and administrative expenses
4,477
4,472
Pre-opening expenses
64
67
Relocation, store closures and lease termination costs
13
16
Operating income
857...
Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given...
Comparative balance sheets for 2018 and 2017 and a statement of
income for 2018 are given below.
METAGROBOLIZE INDUSTRIES
Comparative Balance Sheets
December 31, 2018 and 2017
($ in 000s)
2018
2017
Assets
Cash
$
390
$
190
Accounts receivable
450
240
Inventory
600
375
Land
600
560
Building
900
900
Less: Accumulated depreciation
(300
)
(285
)
Equipment
2,750
2,450
Less: Accumulated depreciation
(430
)
(400
)
Patent
1,500
1,650
$
6,460
$
5,680
Liabilities
Accounts payable
$
700...
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