Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Xyz is a calendar year corporation

07/01/2021 Client: saad24vbs Deadline: 24 Hours

XYZ is a calendar-year corporation that began business on January 1, 2012. For 2012, it reported the following information in its current year audited income statement. Notes with important tax information are provided below. XYZ corp. Income statement Book For current year Income Revenue from sales $40,000,000 Cost of Goods Sold (27,000,000) -------------------------------------------------------------------------------- Gross profit $13,000,000 Other income: Income from investment in corporate stock 300,000 (Note 1) Interest income 20,000 (Note 2) Capital gains (losses) (4,000) Gain or loss from disposition of fixed assets 3,000 (Note 3) Miscellaneous income 50,000 ------------------------------------------------------------------------------- Gross Income $13,369,000 Expenses: Compensation (7,500,000) (Note 4) Stock option compensation (200,000) (Note 5) Advertising (1,350,000) Repairs and Maintenance (75,000) Rent (22,000) Bad Debt expense (41,000) (Note 6) Depreciation (1,400,000) (Note 7) Warranty expenses (70,000) (Note 8) Charitable donations (500,000) (Note 9) Meals and entertainment (18,000) Goodwill impairment (30,000) (Note 10) Organizational expenditures (44,000) (Note 11) Other expenses (140,000) (Note 12) ------------------------------------------------------------------------------- Total expenses $(11,390,000) -------------------------------------------------------------------------------- Income before taxes $1,979,000 Provision for income taxes (720,000) (Note 13) -------------------------------------------------------------------------------- Net Income after taxes $1,259,000 (Note 14) -------------------------------------------------------------------------------- 1. XYZ owns 30 percent of the outstanding Hobble Corp. (HC) stock. Hobble Corp. reported $1,000,000 of income for the year. XYZ accounted for its investment in HC under the equity method and it recorded its pro rata share of HC's earnings for the year. HC also distributed a $200,000 dividend to XYZ. 2. Of the $20,000 interest income, $5,000 was from a City of Seattle bond (issued in 2007) that was used to fund public activities, $7,000 was from a Tacoma City bond (issued in 2008) used to fund private activities, $6,000 was from a fully taxable corporate bond, and the remaining $2,000 was from a money market account. 3. This gain is from equipment that XYZ purchased in February and sold in December (that is, it does not qualify as §1231 gain). 4. This includes total officer compensation of $2,500,000 (no one officer received more than $1,000,000 compensation). 5. This amount is the portion of incentive stock option compensation that vested during the year (recipients are officers). 6. XYZ actually wrote off $27,000 of its accounts receivable as uncollectible. 7. Regular tax depreciation was $1,900,000 and AMT (and ACE) depreciation was $1,700,000. 8. In the current year, XYZ did not make any actual payments on warranties it provided to customers. 9. XYZ made $500,000 of cash contributions to qualified charities during the year. 10. On July 1 of this year XYZ acquired the assets of another business. In the process it acquired $300,000 of goodwill. At the end of the year, XYZ wrote off $30,000 of the goodwill as impaired. 11. XYZ expensed all of its organizational expenditures for book purposes. It expensed the maximum amount of organizational expenditures allowed for tax purposes. 12. The other expenses do not contain any items with book-tax differences. 13. This is an estimated tax provision (federal tax expense) for the year. (In a subsequent class period, we will learn how to compute the correct tax provision.) Assume that XYZ is not subject to state income taxes. 14. XYZ calculated that its domestic production activities deduction (DPAD) is $90,000. This amount is not included on the audited income statement numbers. Estimated tax information: XYZ made four equal estimated tax payments totaling $480,000. Assume for purposes of estimated tax liabilities, XYZ was in existence in 2011 and it reported a tax liability of $800,000. During 2012, XYZ determined its taxable income at the end of each of the four quarters as follows: Quarter-end Cumulative taxable income (loss) First $350,000 Second $800,000 Third $1,000,000 ------------------------------------------------------------------------------- Finally, assume that XYZ is not a large corporation for purposes of estimated tax calculations (Round your answers to the nearest dollar amount. Omit the "$" sign in your response.) a. Compute XYZ’s taxable income. b. Compute XYZ’s regular income tax liability. This problem uses 2012 Tax Rules Please include a step-by-step explanation of how to arrive at the correct answers

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

University Coursework Help
Helping Hand
Top Essay Tutor
Writer Writer Name Offer Chat
University Coursework Help

ONLINE

University Coursework Help

Hi dear, I am ready to do your homework in a reasonable price.

$112 Chat With Writer
Helping Hand

ONLINE

Helping Hand

I am an Academic writer with 10 years of experience. As an Academic writer, my aim is to generate unique content without Plagiarism as per the client’s requirements.

$110 Chat With Writer
Top Essay Tutor

ONLINE

Top Essay Tutor

I have more than 12 years of experience in managing online classes, exams, and quizzes on different websites like; Connect, McGraw-Hill, and Blackboard. I always provide a guarantee to my clients for their grades.

$115 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Verbose data in informatica - Discussion and Assignment 6 - International Finance Question (3questions) - Elise travels across thailand with her friends - Information Technology Importance in Strategic Planning - Mp husky ladder tray - Chapter 15 section 1 a new deal fights the depression - Oodgeroo noonuccal municipal gum analysis - 207/108 glen iris road - Is psychology a hard science - Owl homework answers - Hall coefficient for germanium - 2c rosslyn street glengowrie - Netezza user defined functions - Critical Thinking About HRM - School of thought approaches to entrepreneurship - Westpac term deposit account - Economics study design vce - Daphnia lab report essays - Obstacles to problem solving psychology - Research Paper: Big Data and the Internet of Things - Rels201 final paper - How to treat baseball sliding burns - Question - Australian core skills framework level 2 - Triple j frequency geelong - Which form of salvation is emphasized in the new testament - Hubspot ai chatbot - Conjugate acid base pair - Initial public offering ppt - How to find focal length of parabola - Identifying an unknown hydrogen carbonate lab answers - Costing methods and techniques - Line of best fit homework - Gym management project in java - Bio waste - OE W 4 A - Journal of juvenile law - Chapter 4 project integration management - Course name: Info tech import in Strat Plan - Examples of empirical indicators in nursing - The educator's word frequency guide - What is a discursive essay - David christopher orthopedic surgeon case study - London fire brigade welfare fund - Rsl lifecare visitor bookings - Descriptive statistics worksheet answers - What was buick's nickname in the 1920s - Accounting - Energy quiz year 8 - The sagebrush state 5th edition pdf - Best buy geek squad topeka ks - Week 6 Discussion 2 Physiology and Pathophysiology - Please select the correct sentence from the options below - Fedex ground hr intranet reward and recognition - Glossary of geography terms - Waren sports supply general journal 2017 - Compute stefani's total standard cost per unit - Blackboard ucumberlands - Collective noun for bananas - Skills approach to leadership northouse - Kung fu punctuation resources - Where does lululemon manufacture - Impact of media and Technology on society - Inverse time circuit breaker - Beatrice in a view from the bridge - Discussion - Additional funds needed problems and solutions - Inside dyson a distinctive company case study answers - Initial discussion - Elio kayaks price list - Open source incident management - Use case diagram for university admission system - Outsourced movie cultural dimensions - M8 bolt torque ft lbs - Analysis - Irish daily star contact - Langwarrin flora and fauna reserve map - Letter to tenants regarding rubbish - 18 heracleous st kifissia 145 64 athens greece - Examples of professional growth plans for speech-language pathologists - Raymarine st8002 installation manual - Test match sabina park poem - Are engineered foods evil scientific american - Multicultural matrix and analysis worksheet - Ped assignment - Case 1 - Internet Programming - Ford 2000e gearbox identification - Cabcon india pvt ltd katihar - Jeyes stay spray gel - 1. what is the gene pool of beaker #1? - Marshalls priora permeable paving - Ethics of care pros and cons - League of 3 emperors - Ascl3 ionic or covalent - Www efficientfrontier com files savings path xls - Block business letter - Judith wright famous poems - Marion nestle the supermarket prime real estate pdf