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Shawn Bates was working to establish a business enterprise with our of is wealthy friends . Each f the five individuals would receive a 2- percent ownership interest in the company. A Primary goal of establishing the enterprise was to minimize the amount of income taxes paid. Assume that the five investors are taxed at the rate of 15% on dividend income and 30% on all other income and that the corporate tax rate is 30 percent. Also assume that the new company is expected o earn $400,000 of cash income before taxes during the first tear of operation. All earnings are expected to be immediately distributed to the owners.
Required
Calculate the amount or after tax cash flow available to each investor If the business is established as a partnership versus a corporation. Write a memo explaining the advantages and disadvantages of these two forms of business organization. Explain what a limited liability company may be a better choice than either a partnership or a corporation
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a. What were QuickyLube's labor price and quantity variances for the most recent week? b. What factor(S) could explain QuickyLube's labor variances?
Cal Farms reported supplies expense of $2,000,000 this year. The supplies account decreased by $200,000 during the year to an ending balance of $400,000. What was the cost of supplies the Cal Farms purchased during the year?
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Compute the unit product cost of each product. (Do not round intermediate calculations. Round your final answers to 2 decimal places)
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Chris spends $800,000 to build a qualified low-income housing project, which is placed in service on January 1, 2005. He financed the project using his personal funds. What is the amount of the low-income housing credit that Chris may claim in 200..
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