Can you please help me complete my accounting homework? i will


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Can you please help me complete my accounting homework? i will pay extra if you can complete in 1 1/2 hours Accounting HOmework.docx Please Explain how you got the answer briefly for every question except #1 Davison Company determined that the book basis of its net accounts receivable was less than the tax basis of its net accounts receivable by $800,000 due to a difference in the allowance for bad debts account. This basis difference is characterized as A. Deductible temporary difference B. Taxable temporary difference C. Favorable permanent difference D. Unfavorable permanent difference Crocker Company Inc. had taxable income of $550,000. At the end of the year it distributes all its after tax earnings to Jimmy, the company’s sole shareholder. Jimmy’s marginal ordinary tax rate is 34% and his marginal tax rate on dividends is 15%. What is the overall tax rate on Crocker and Company’s pre tax income A. 9.9% B. 15% C. 35% D. 43.9% E. 66.7% Logan a 50% shareholder in Military Gar Inc. is comparing the tax consequences of losses from C corporations with losses from S Corporations. Assume Military Gear Inc. has $100,000 loss for the year, $75,000 ordinary income from other sources during the year, assuming Logans marginal income tax rate is 15%, how much more tax will logan pay currently if military Gear Inc. is a C corporation compared to the tax he would pay if it were an S corporation. A. $0 B. $3,750 C. $7,500 D. $11,250 Roberto and Reagan are both 25% owner/managers for Bright light Inc. Roberto runs the retail store in Sacramento CA, and Reagan runs the retail store in San Francisco CA. Bright Light Inc. generated a $125,000 profit companywide made up of a $75,000 profit from the Sacramento store, a (25,000) loss from the San Francisco store, and a combined $75,000 profit from the remaining stores. If Bright Light Inc. is an S corporation how much income will be allocated to Roberto? A. $31, 250 B. $62,500 C. $75,000 D. $125,000 Coop Inc. owns 40% of Chicken Inc. both Coop and Chicken are corporations. Chicken pays Coop a dividend of $10,000 in 2014. Chicken also reports financial accounting earnings of $20,000 for that year. Assume that Coop follows the general rule of accounting for investment in Chicken. What is the amount and nature of the book tax difference to Coop associated with the dividend distribution? A. 2,000 Unfavorable B. 2,000 favorable C. 10,000 unfavorable D. 10,000 favorable E. None of these Orange Inc. issued 20,000 nonqualified stock options valued at $40,000 in total. The options vest over two years. Half in 2014, and half in 2015. One thousand options are exercised in 2015 with a bargain element on each option of $6. What is the 2015 book tax difference associated with the stock options A. 14,000 unfavorable B. 14,000 favorable C. 20,000 unfavorable D. 20,000 favorable E. None of these Remsco has taxable income of 60,000 and a charitable contribution limit modified taxable income of 72,000. Its charitable contributions for the year were 7,500. What is Remsco’s current year charitable contribution deduction and contribution carryover A. 6,000 current year; 1,500 carryover B. 7,500 current year; 0 carryover C. 1,200 current year; 6,300 carryover D. 7,200 current year; 300 carryover Abbot corporation reported pretax book income of 500,000. During the current year, the reserve for bad debts increased by 5,000. In addition tax depreciation exceeded book depreciation by 40,000. Finally abbot received 3,000 of tax exempt life insurance proceeds from the death of one of its officers. Using a tax rate of 34%. Abbots current income tax expense or benefit would be A. 186,320 B. 170,000 C. 157,080 D. 153,680 Tuna Corporation reported pretax book income of 1,000,000. During the current year, the net reserve for warranties increased by 25,000. In addition book depreciation exceeded tax depreciation by 100,000. Finally tuna subtracted a dividends received deduction of 15,000 in

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