What is the total tax due for 2017, including self-employment tax, for Stewart, assuming that he earned $20,000 in wages, earned 24000 in self-employment income from his first business, had a loss of $10,000 from the second business, received $3,000 in interest income, and had $5,100 and non qualified dividend income?
From CCH Federal Taxation comprehensive topics
In: Accounting
Berry Company reported the following on the company's income statement in two recent years
| Particulars | Current Year | Prior Year |
| Interest expense | $320,000 | $300,000 |
| Income before income tax expense | 3,200,000 | 3,600,000 |
(a)Determine the times interest earned ratio for the current year and the prior year.Round to one decimal place
(b) Is the number of times interest charges are earned improving or declining
In: Accounting
On January 1, 2020, Sandhill Ltd. had 570,000 common shares
outstanding. During 2020, it had the following transactions that
affected the common share account:
| Feb. 1 | Issued 195,000 shares. | |
| Mar. 1 | Issued a 17% stock dividend. | |
| May 1 | Acquired 222,000 common shares and retired them. | |
| June 1 | Issued a 2-for-1 stock split. | |
| Oct. 1 | Issued 64,000 shares. |
The company’s year end is December 31.
QUESTIONS:
A) Determine the weighted average number of shares outstanding as at December 31, 2020.
B) Assume that Sandhill earned net income of $3,227,000 during
2020. In addition, it had 100,000 of 8%, $100 par, non-convertible,
non–cumulative preferred shares outstanding for the entire year.
Because of liquidity limitations, however, the company did not
declare and pay a preferred dividend in 2020.
Calculate earnings per share for 2020, using the weighted average
number of shares determined above.
C) Assume that Sandhill earned net income of $3,227,000 during
2020. In addition, it had 100,000 of 8%, $100 par, non-convertible,
cumulative preferred shares outstanding for the entire year.
Because of liquidity limitations, however, the company did not
declare and pay a preferred dividend in 2020.
Calculate earnings per share for 2020, using the weighted average
number of shares determined above.
D) Assume that Sandhill earned net income of $3,227,000 during
2020. In addition, it had 100,000 of 8%, $100 par, non-convertible,
non–cumulative preferred shares outstanding for the entire year.
Because of liquidity limitations, however, the company did not
declare and pay a preferred dividend in 2020. Assume that net
income included a loss from discontinued operations of $405,000,
net of applicable income taxes.
Calculate earnings per share for 2020.
|
Income from continuing operations |
$___ |
|---|
|
Loss from discontinued operations |
$____ |
|---|
|
Net income |
$_____ |
|---|
In: Accounting
How would you answer the following question:
Next Wednesday's meeting has been moved forward two days. What day is the meeting now that it has been rescheduled?
This question is ambiguous as "moved forward" can be interpreted in two different ways. Did you answer Monday or Friday? The authors of the paper "Even Abstract Motion Influences the Understanding of Time" (Metaphor and Symbol [2011]: 260–271) wondered if the answers Monday and Friday would be provided an equal proportion of the time. A sample of students at Stanford University were asked this question, and the responses are summarized in the following table.
| Response | Frequency |
|---|---|
| Monday | 11 |
| Friday | 33 |
The authors of the paper used a chi-squared goodness-of-fit test to test the null hypothesis
H0: p1 = 0.50, p2 = 0.50,
where p1 is the proportion who would respond Monday and p2 is the proportion who would respond Friday. They reported
χ2 = 11.00
and
P-value < 0.001.
What conclusion can be drawn from this test?
Since the P-value is small, there is convincing evidence to conclude that the population proportions of people who respond "Monday" and "Friday" are equal.
Since the P-value is large, there is not enough evidence to conclude that the population proportions of people who respond "Monday" and "Friday" are not equal.
Since the P-value is small, there is convincing evidence to conclude that the population proportions of people who respond "Monday" and "Friday" are not equal.
Since the P-value is small, there is not enough evidence to conclude that the population proportions of people who respond "Monday" and "Friday" are not equal.
In: Statistics and Probability
analyze the unemployment rate and inflation from 2000 - 2010 in the US.
discuss the interest rate fluctuations from 2000 - 2010 in the US
In: Economics
Company Deemed, Inc., a US-based company, has sold its products to a Chinese Company. At the spot rate of 1 USD = 7 CNY prevailing today the invoice value is 1 million USD. The company will pay in CNY in 90 days. The 90-day forward rate is 1USD = 7.1 CNY. The borrowing rates in US and China are 2% and 8%, respectively. The company’s cost of capital is 10%. The company has to decide between forward market hedge and money market hedge. Do the analysis and make a recommendation.
Please show EXCEL formulas as well.
In: Finance
fireball corporation is an s corporation, Leya owns all of the stock. During the current year. fireball earned a taxable income of 500000 and paid a 300000 distribution to Leyla. which of the following statement is correct
a) fireball will pay corporate income tax in its earnings, and leyla will pay individual income tax on the distribution.
b) only fireball will pay taxes, but leyla will not pay and taxes due to her holding in fireball
C) fireball will not pay any taxes, leyla will pay taxes on the distribution received
d) fireball's income will flow through to leyla's tax return, and she will pay the taxes on the 500000 of corporation income
In: Accounting
Why are you looking to pursue an MBA or MS program at this point in your life and what do you see yourself doing professionally upon graduation? What key actions have you taken up to this point to prepare you for this career? 500 words
In: Accounting
More than 50% of all MBAs leave their first employer within five years. Although the change may mean career growth for these individuals, it represents a loss to the employers. What are some of the probable reasons a MBA would leave his/her first employer?
In: Economics
The Sacramento area was founded on the prospect of gold. Gold discovery in nearby Coloma brought countless people west with hopes of richer days and better choices for their families. In collaboration with a local merchant Sam Brannan, John Sutter and his family founded the city of Sacramento in 1848. In April of 1849, the population of the area was estimated at 150 people. By October of the same year, the population grew to a whopping 6,000 people (Wiegand, 1998). In mid-October of 1850 it is reported that a riverboat named the “New World” arrived in the area with a single passenger carrying the deadly cholera disease. As a result of exposure to cholera, reports indicated that within three weeks 800 people died of the disease. Many of those that perished are buried in a common grave located at the Old City Cemetery located at 1000 Broadway Street in Sacramento. Approximately 80 physicians were working during the time of the cholera outbreak, and 17 died from cholera within a year after initial exposure (Old City Cemetery, 2005). What type of outbreak is this? Explain and include aspects of how exposure occurred, description of whether it is epidemic, pandemic, or endemic, type of exposure etc.
In: Biology