User Account

All Pages

Compute beneficial''s 2012 regular income tax liability

Assignment Help Accounting Basics
Reference no: EM13150075

INCOME:
Sales = 4,000,000
Interest income (100,000 of tax-exempt interest other than from specified private activity bonds) = 200,000
short-term capital gain = 50,000

EXPENSES:
COGS = 2,000,000
Wages 400,000
Interest expense = 50,000
Depreciation = 150,000 (under gaap, depreciation expense is 100,000; for purpose of AMT depreciation is 125,000)
Charitable contributions = 100,000
Misc = 500,000


Beneficial's QPAI for purposes of the domestic production activites deduction is 600,000. Compute Beneficial's 2012 regular income tax liability and its AMT. 

Reference no: EM13150075

Questions Cloud

Calculate the vapor pressure of the pressure cooker : calculate the vapor pressure of the pressure cooker if the temperature inside the pressure cooker is 119 degree celcuis.
Buying car insurance for the coming two years : You are considering buying car insurance for the coming two years. Whether or not you buy insurance, you have the following probability distribution over the car accident damages for each year (the probability of having an accident is independent acr..
Write a hypothesis and null hypothesis : Determine which of the following observations are testable. For those that are testable.
Calculate the molarity of a solution of hbr : Calculate the molarity of a solution of HBr if 34.80 mL of the HBr solution neutralize 0.834 g of Na2CO3. The following is the unbalanced equation for the reaction
Compute beneficial''s 2012 regular income tax liability : Beneficial's QPAI for purposes of the domestic production activites deduction is 600,000. Compute Beneficial's 2012 regular income tax liability and its AMT.
Gain on the sale of the equipment : USACo adjusted basis in the equipment is $10,000 on the date of sale. what is the source of the $340,000 gain on the sale of the equipment?
Find percentage homes above maximum safe level of radon : When 186 homes in Hyde Park, NY were tested for radon, 30 were found to have levels above the maximum safety level. What is the percentage of the Hyde Park homes above the maximum safe level of radon?
Explain and discuss the ethical limits : Discuss and justify why do you think this provision is important if implemented by the company and Explain and discuss the ethical limits that managers should consider at taking risks with the invertors money. Would you avoid risk at all cost? Why..
How many grams of ice can be melted : How many grams of ice at 0 degrees Celsius and 101.3 kpa can be melted with the addition of 0.400 kJ of heat.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine the total compensation cost pertaining

1.Determine the total compensation cost pertaining to the options. 2.Prepare the appropriate journal entry(if any)to record the award of options on January 1,2009.

  Financial and operational plans-enrolment budgets

Let's say that you work in the budgeting office at a university and you have in front of you the expected student enrollment for the upcoming academic year. Discuss a few financial and operational plans that would be dictated by the enrolment bud..

  Journal entries to record the transactions

Provide the necessary journal entries to record the transactions for Wilcox for the period January 2, 2011 through December 31, 2012.

  Costs-transferred out and ending work in process

Assuming unit materials costs of $3 and unit conversion costs of $6, what are the costs to be assigned to the units (a) transferred out and (b) in ending work in process?

  Bond issue and interest accrued on bonds due adjustment

Show the journal entries in 2006. (Please be reminded the year-end for ABC Corporate is Dec 31, adjusting is required)

  Aftertax cash flow from the sale

If the relevant tax rate is 34 percent, what is the aftertax cash flow from the sale of this asset? (Do not round your intermediate calculations.)

  Who is the commissioner of the irs

For the Project, you will need to submit a written research paper which answers the following questions. This Project is due by Sunday, December 9, 2012. Please read the instructions below.

  Dividends in arrears

XYZ Company has $20,000 of dividends in arrears. Based on this information, which of the following statements is false?

  Statement concerning variable and fixed costs

Which of the following statements is correct concerning variable and fixed costs?

  What was their net income for the year

McKinney Corporation had beginning retained earnings of $2,292,000 and ending retained earnings of $2,499,000. During the year they issued common stock totaling $141,000. What was their net income for the year?

  Budgeting in multinational companies

What specific considerations arise when budgeting in multinational companies? What are the best ways to address these considerations?

  Gross margin for a manufacturing company

The gross margin for a manufacturing company is the excess of sales over:

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd