1. John operates a Limited Liability Company, Unity Landscaping, LLC., and has earned $100,000 in gross revenue for 2019. There are 2 members; John and Mike, and each are equal owners.

Sally operates a corporation, United Help, Inc., and has earned $80,000 in gross revenue for 2019. Sally is the sole owner.

It is now time for both to handle their taxes but they are unclear on how the structure works and how they handle their taxes for the companies. The business tax rate is 28%, and the personal tax rate is 25%. Calculate the taxes for the owners and companies so they can all know and understand their taxes:

1. In the market for college degrees, there are many buyers but only 1 seller.

Qd = 1000 – 2P.         This implies that Price or Private MB = 500 - .5Q.

Education has positive externalities. Assume each degree has a $50 value to society.

Such that the Social MB = 550 - .5Q.             MC = 100.

• What is the efficient amount for Q and the corresponding P and Total Surplus?
• Remembering Revenue = PQ, what is the equation for marginal revenue for the supplier?
• What Q will the monopolist produce? And what will P be? What is Total Surplus under this situation? NOTE, IN THIS PRIVATE MARKET STUDENTS CHOOSE WHETHER TO BUY BASED ON THEIR PRIVATE MB.

The following is a partial trial balance for the Green Star Corporation as of December 31, 2018:

110,000 shares of common stock were outstanding throughout 2018.

Required:
1. Prepare a single-step income statement for 2018, including EPS disclosures.
2. Prepare a multiple-step income statement for 2018, including EPS disclosures.

please solve:

The following information pertaining White Corporation is available for the year ended 2015:

Pretax financial income, $500,000.

Unearned revenue, $60,000, was deferred on the books but recognized in taxable income of 2015 (future deductible).  $35,000 and $25,000 of this temporary difference (i.e., the unearned revenue) will be reversed in 2016 and 2017, respectively.

The tax rates of 2015, 2016 and 2017 are 30%, 25%, and 25%, respectively.

Instructions:

(a) Compute White's 2015 taxable income.

(b)  Prepare the journal entry to record income tax expense, deferred income tax asset, and income taxes payable of White for 2015.

Sweet Bakery sells pastries and cupcakes. Usually, for every three pastries they sell one cupcake (which means, pastries : cupcake = 3:1). Each pastry has an BDT80 contribution margin, and each cupcake has a BDT60 contribution margin. Sweet Bakery’s fixed costs are BDT180,000 per month. The selling prices of pastries and cupcakes, respectively, are BDT300 and BDT150. The business is subjected to a 40 percent income tax rate.

1. How much revenue is needed to earn a pre-tax profit of BDT150,000?

2.  How much revenue is needed to earn an after-tax profit of BDT150,000?

An airline charges the following baggage fees: $25 for the first bag and $35 for the second. Suppose 54% of passengers have no checked luggage, 34% have one piece of checked luggage and 12% have two pieces. Suppose that a negligible portion of people check more than two bags.

a) Build a probability model, compute the average revenue per passenger, and compute the corresponding standard deviation.
b ) About how much revenue should the airline expect for a flight of 120 passengers? With what standard deviation? Note any assumptions made and whether they are justified.

Thank you ! :)

he demand and cost function for a company are estimated to be as follows:

P=100−8QTC=50+80Q−10Q2+0.6Q3P=100-8QTC=50+80Q-10Q2+0.6Q3

1. What price should the company charge if it wants to maximize its profit in the short run?

2. What price should it charge if it wants to maximize its revenue in the short run?

3. Suppose the company lacks confidence in the accuracy of cost estimates expressed in a cubic equation and simply wants to use a linear approximation. Suggest a linear representation of this cubic equation. What difference would it make on the recommended profit-maximizing and revenue-maximizing prices?

TAXATION

IDENTIFICATION

9) These are facilities and privileges which are relatively of small value and are offered or furnished by the employer to employees merely as a means of promoting the health, goodwill, contentment or efficiency of employees.

10) This arises when two or more heirs or beneficiaries inherit an undivided property from a decedent, or when a donor makes a gift of an undivided property in favor of two or more donees.

TRUE OR FALSE: If the statement is FALSE, write FALSE and explain why.

1. The Commissioner of Internal Revenue can delegate the power to compromise or abate tax liability.

2.The BIR is under the control and supervision of the Commissioner of Internal Revenue.

JenCo showed the following trial balance information (in alphabetical order) for its first month just ended March 31, 2017:

Use the information provided to complete an income statement, statement of changes in equity, and balance sheet.

Chapter 18

Howard Construction Co. contracted to build a bridge for $3,000,000. Construction began in 2012 and was completed in 2013. Data relating to the construction are:

                                                                                                 2012              2013

            Costs incurred                                                     $990,000       $825,000

            Estimated costs to complete                                810,000                —

Howard uses the percentage-of-completion method.

Instructions:

        (a)           How much revenue should be reported for 2012?

        (b)          Make the entry to record progress billings of $1,000,000 during 2012.

        (c)            Make the entry to record the revenue and gross profit for 2012.

        (d)          How much gross profit should be reported for 2013?

        (e) Show the Balance Sheet Presentation for 2012.