Question
In: Accounting
Delicious Dave’s Maple Syrup, a Vermont corporation, has property in the following states: Property State Beginning...
Delicious Dave’s Maple Syrup, a Vermont corporation, has property in the following states: Property State Beginning Ending Maine $ 979,746 $ 1,052,867 Massachusetts $ 143,813 $ 259,053 New Hampshire $ 426,867 $ 326,967 Vermont $ 930,532 $ 964,776 Total $ 2,480,958 $ 2,603,663 What are the property apportionment factors for Maine, Massachusetts, New Hampshire, and Vermont in each of the following alternative scenarios? (Round intermediate calculations and final answers to 2 decimal places.) a. Delicious Dave’s has income tax nexus in each of the states.b. Delicious Dave’s has income tax nexus in each of the states, but the Maine total includes $470,000 of investment property that Delicious rents out (unrelated to its business). c. Delicious Dave’s has income tax nexus in each of the states, but it also pays $57,000 to rent property in Massachusetts.
Solutions
Expert Solution
| a. | Delicious has the following property factors | ||||
| Beginning | Ending | Average | Factor | ||
| Maine | 9,79,746 | 10,52,867 | 15,06,180 | 39.82% | |
| Massachusetts | 1,43,813 | 2,59,053 | 2,73,340 | 7.23% | |
| New Hampshire | 4,26,867 | 3,26,967 | 5,90,351 | 15.61% | |
| Vermont | 9,30,532 | 9,64,776 | 14,12,920 | 37.35% | |
| 24,80,958 | 26,03,663 | 37,82,790 | 100.00% | ||
| b. | Delicious must remove the non-business property from property factors | ||||
| Beginning | Ending | Average | Factor | ||
| Maine | 5,09,746 | 5,82,867 | 8,01,180 | 26.03% | |
| Massachusetts | 1,43,813 | 2,59,053 | 2,73,340 | 8.88% | |
| New Hampshire | 4,26,867 | 3,26,967 | 5,90,351 | 19.18% | |
| Vermont | 9,30,532 | 9,64,776 | 14,12,920 | 45.91% | |
| 20,10,958 | 21,33,663 | 30,77,790 | 100.00% | ||
| c. | Delicious has the following property factors. The annual rent ($57,000) is multiplied by 8 and thus $456,000 is added. | ||||
| Beginning | Ending | Average | Factor | ||
| Maine | 9,79,746 | 10,52,867 | 15,06,180 | 33.72% | |
| Massachusetts | 5,99,813 | 7,15,053 | 9,57,340 | 21.43% | |
| New Hampshire | 4,26,867 | 3,26,967 | 5,90,351 | 13.22% | |
| Vermont | 9,30,532 | 9,64,776 | 14,12,920 | 31.63% | |
| 29,36,958 | 30,59,663 | 44,66,790 | 100.00% | ||
ekkarill92 answered 1 year agoRelated Solutions
Delicious Dave’s Maple Syrup, a Vermont corporation, has property in the following states: Property State Beginning...
Delicious Dave’s Maple Syrup, a Vermont corporation, has
property in the following states:
Property
State
Beginning
Ending
Maine
$
971,644
$
1,044,489
Massachusetts
$
138,027
$
251,061
New Hampshire
$
420,455
$
320,689
Vermont
$
922,332
$
954,376
Total
$
2,452,458
$
2,570,615
What are the property apportionment factors for Maine,
Massachusetts, New Hampshire, and Vermont in each of the following
alternative scenarios? (Round your answers to 2 decimal
places.)
A. Delicious Dave’s has nexus in each of the
states....
Delicious Dave’s Maple Syrup, a Vermont corporation, has property in the following states: Property State Beginning...
Delicious Dave’s Maple Syrup, a Vermont corporation, has
property in the following states:
Property
State
Beginning
Ending
Maine
$
991,899
$
1,065,434
Massachusetts
$
152,492
$
271,041
New Hampshire
$
436,485
$
336,384
Vermont
$
942,832
$
980,376
Total
$
2,523,708
$
2,653,235
What are the property apportionment factors for Maine,
Massachusetts, New Hampshire, and Vermont in each of the following
alternative scenarios? (Round your answers to 2 decimal
places.)
c. Delicious Dave’s has nexus in each of the
states,...
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The Coldwater Corporation has the following accounts in its
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nonparticipating, 5,000 shares ........................$
250,000
Common Stock, $1 par value, 100,000 shares authorized. 50,000
shares outstanding ...................... 50,000
Paid-in Capital in Excess of Par – Common
.....................................................................
550,000
Paid-in Capital in Excess of Par – Preferred
.....................................................................
25,000
Retained Earnings
.................................................................................................
$2,300,000
During 2013, Coldwater Corp. declared and distributed the
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4% Preferred stock, $50 par value, 20,000 shares authorized,
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$250,000
Common stock, $10 par value, 60,000 shares authorized, 42,000
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Paid-in capital in excess of par
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40,000 shares issued and
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400,000
Paid-in capital in excess of par
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Total paid-in capital
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Retained earnings
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Question # 1
Big Dave’s Bowling Ball Factory has the following financial
information:
Month
Units Produced
Manufacturing Costs (in$)
July
648
1,748
August
653
1,770
September
652
1,758
October
650
1,755
November
700
1,800
December
660
1,780
January
550
1,500
February
600
1,600
March
647
1,750
April
653
1,760
May
652
1,740
June
655
1,769
Total
7,720
20,730
There were no beginning or ending inventories. The selling cost
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Month Units Produced Manufacturing Costs (in$)
July 648 1,748
August 653 1,770
September 652 1,758
October 650 1,755
November 700 1,800
December 660 1,780
January 550 1,500
February 600 1,600
March 647 1,750
April 653 1,760
May 652 1,740
June 655 1,769
Total 7,720 20,730
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