Dividends $20,000 Long-term capital gain 15,000 Trustee’s fees 1,500 Distribution to beneficiary 20,000 A simple trust has the following receipts and expenditures for the year. The trust instrument classifies gains, losses, and trustee’s fees part of the principal.
Q: Ralston Consulting, Inc., has a $42,000 overdue debt with Supplier No. 1. The company is low on…
A: Calculation of Present Value of Option -1 Present Value of Option -1 = $ 11,760 + ($ 39,900 X…
Q: Perit Industries has $175,000 to invest. The company is trying to decide between two alternative…
A: Net present value(NPV) is the difference between present value of all cash inflows and initial…
Q: A retail company is required to perform a stock count to identify shortages at least once per month.…
A: Physical count of stock should be done periodically to know the exact position of the stock held. It…
Q: Chart of Accounts of A Service Business ASSETS LIABILITIES Current Assets 101 Current Liabilities…
A: INTRODUCTION: In every business organization various accounting terms are used. It becomes necessary…
Q: 5.1.3 Return on equity 5.1.4 Debt to assets 5.1.5 Price/Earnings ratio
A: Return on Equity = Net Income/ Shareholders' Equity Return on Equity = 880000/3120000 = 28.21%
Q: Wright Corp. Is considering the purchase of a new plece of equipment, which would have an Initial…
A: The question is based on the concept of Financial Management. Payback period is the period in which…
Q: Give journal entries for the following: On February 1, Your Company’s board authorized 250,000…
A: Journal entry: It implies the recording of the financial transactions of the business in it's…
Q: BETA Company began operations in January 2021. Financial statements for the years ended December 31,…
A: Retained earnings refer to the amount of profit which is retained by the business entity after the…
Q: 28. SimplengTaksil Company produces furniture. It has four products, tables, chairs, cabinets and…
A: Contribution means the difference between the selling price and variable cost . Fixed cost remain…
Q: Schapp Corporation keeps careful track of the time required to fill orders. The times recorded for a…
A: Throughput time refers to the total time taken to complete a particular process from beginning till…
Q: On January 1, Bramble Corp. issued 10 year, S6,000,000, 9% bonds for $6,842,830. The market rate of…
A: Introduction: An amortizing loan is one with monthly payments that go toward the principle. Payment…
Q: ed by a lessee for a lease term of- nterest rate is 12% and payments e at the end of the period. The…
A: Accounting of lease assets Financial Lease Accounting Recording unearned interest income in the…
Q: Inn Corporation had 30,000 ordinary shares of NP which were acquired during Year 2 for a total…
A: Introduction Equity investments are measured at initial recognition in the beginning and at fair…
Q: Cortland Corp is considering the purchase of a new piece of equipment. The cost savings from the…
A: annual net income = annual increase in net cash flows - Depreciation If no specific method is given…
Q: Suppose Lion Cage Multinational floated 5000 bonds on January 1, 2020 with a par value of 1500 at…
A: An investor's obligation to a borrower is represented by a bond, which is a structured security…
Q: Problem 16-2 (ACP) Zeus Company reported pretax financial income of P8,000,000 for the year ended…
A: Given information, Financial income =P8,000,000 Taxable income =P9,000,000 Tax rate =25% Estimated…
Q: Units-of-activity Depreciation A truck acquired at a cost of $520,000 has an estimated residual…
A: Lets understand the basics. Depreciation is a reduction in value of asset due to wear and tear,…
Q: Mr B aged 63 years, has earned rupees 75,00,000 out of his business . His ex- wife gifted him cash…
A: The taxable income of taxpayers is the income liable to tax and it is the income used to determine…
Q: A retailer pays on credit for $650 worth of inventory, terms 3/10, n/40. If the merchandiser pays…
A: Formula used : Cash paid to retailer = Invoice amount - cash discount amount. Deduction of discount…
Q: Discuss your insights about the FMEA
A: FMEA: Failure Modes and Effects Analysis (FMEA) is a method that is both systematic and proactive,…
Q: thave been $950 and at retirement, the NBV would have been the same as the have been $950 and at…
A: The bonds are issued at premium as the issue price of 1050 ($ 1000* 105% ) is higher than the face…
Q: Lenore, Inc. declared a cash dividend of $90,000 in 2021 when the following stocks were outstanding:…
A: Dividend paid to Common stockholder group = Total dividend paid - Dividend paid to Preferred…
Q: Sales (20,000 units @ 60 per unit) $1,200,000 Less: Variable cost 20,000@ $45 900,000 Contribution…
A: Degree of Operating Leverage = Contribution Margin/ Net Income
Q: Buenos Company has two divisions, Division X and Division Y. Division X has a production capacity of…
A: Current sales level of division X to outside customers = 4600 units Excess capacity = 6000 - 4600 =…
Q: Merryweather Corporation reported net income of $150,000, income before taxes of $240,000 and…
A: Times interest earned ratio is one of the ratio which shows income before interest and taxes with…
Q: Sky High sells helicopters. During the current year, 110 helicopters were sold resulting in $850,000…
A: Contribution margin = $850,000 - $270,000 = $580,000 Selling price = $850,000 / 110 = $7,727.27…
Q: isces, Leo and Germini share profits in the ration of 5:3:2, ust prior to partnership liquidation…
A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…
Q: Power Co.'s labor information for June is as follows: Direct labor hours worked 68,100 Standard…
A: Formulas: Direct Labor rate variance = (Actual rate per hour - Standard labor rate per hour)*Actual…
Q: Each of the following scenarios requires the use of accounting information to carry out one or more…
A: Several parties hold management accountable. The interests of these groups may conflict. As a…
Q: March 2015, Agency A is taking legal action against its competitor for patent infringement relating…
A: it is important to differentiate between the provision and contingent liability in order to present…
Q: ec. 1245 property acquired in 1983 for $850.000 have been claimed. Martha inherits the me amount of…
A: The answer has been mentioned below.
Q: The standard direct labor rates in effect for the current fiscal year and the standard hours allowed…
A:
Q: Calculate interest expense. Calculate its sales.
A: EBITDA means earnings before interest, tax, depreciation and amortisation expenses. NOPAT means net…
Q: Plasma Storage Devices buys $10,000 of equity securities, which it classifies as available-for-sale.…
A: Available for Sale (AFS) securities are those securities equity or debt securities that are…
Q: Plasma Storage Devices buys $10,000 of equity securities, which it classifies as available-for-sale.…
A: Available for Sale (AFS) securities are those securities equity or debt securities that are…
Q: (Banefits) $30 $ 20 $30 $ 20 $5 $5 $8 $8 $10 $10 (Recurring costs) (Investment)
A: Concept of Benefit Cost Ratio In the benefit cost ratio analysis for a project economical viability,…
Q: Which statement is incorrect regarding equity-settled share-based payment transactions? A. the…
A: Equity settled share payments are those transactions in which own equity shares or stock options are…
Q: for the following damages: other driver, $25,000; passenger 1, $20,000; passenger 2, $9,000; other…
A: There are different types of auto insurance and depending on each plan there are different types of…
Q: 2) If the contribution margin ratio for France Company is 39%, sales were $424,000, and fixed costs…
A: Since you have posted two different questions and the first question is not complete as what is…
Q: 17. The Bohol Company uses standard costing. The following data are available for October: Actual…
A: Solution.. Material quantity variance = -1,000 U Actual quantity = 23,500 Standard rate = P2…
Q: Doctor Strange Inc. issues … a $100,000, 5-year, 8% bond. Price this bond to yield 10%
A: Calculation of Selling Price of Bonds Face Value of Bonds = $ 100,000 Annual rate of interest = 8%…
Q: WT. Ginsburg Engine Company manufactures part ACT31107 used in several of its engine models. Monthly…
A: Introduction: Operating income, also known as income from operations. It is calculated by deducting…
Q: Cullumber Company acquires a delivery truck at a cost of $42,000. The truck is expected to have a…
A: Depreciation is an expense that is charged against the value of fixed assets. It can be calculated…
Q: Francisco Company has 10 employees, each of whom earns $2,500 per month and is paid on the last day…
A: Introduction: Salary is a regular payment made by an employer to an employee based on the work and…
Q: On January 1, 2021, Tee Company sold a machine with a cost of P500,000 and a carrying amount of…
A: • Non-current assets are those assets which are to be received after a period of 12 months from the…
Q: PLEASE ANSWER ASAP Problem No. 8 AACA Corp. is in the process of preparing its financial…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Prepare the Statement of Comprehensive Income using the multi-step format. Beautiful Life…
A: Introduction Statement of comprehensive income gives details about all revenue ,income expense or…
Q: der why earnings managem dered important by many m= nanagement teams. Discuss
A: Earnings management is the practice of use accounting procedures to generate income reports that…
Q: On March 31, 2018, Dučóté Bödy Shop was införmed that a 1,000 hote that he was noloaing will be The…
A: Note receivable in general is a promise which is to be in written to receive cash of specific amount…
Q: If HOTEL’s tax rate is 30%, what amount should it report as bad debts expense in the income…
A: Solution Introduction When there is change in the accounting estimate the effect of the change shall…
Dividends |
$20,000 |
Long-term |
15,000 |
Trustee’s fees |
1,500 |
Distribution to beneficiary |
20,000 |
- A simple trust has the following receipts and expenditures for the year. The trust instrument classifies gains, losses, and trustee’s fees part of the principal.
What is the trust’s taxable income?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- A trust has the following results for the current year: Capital gains $100,000 Capital losses $20,000 The trust has available net capital losses of $35,000 incurred in the previous year. Determine the maximum amount that can be allocated to a beneficiary.A trust has $7000in interest income. $5000 in tax exempt interest income. $4000 in dividend income and $3000 in capital gains. The trust only expense was $2000 in fiduciary fees. What is the allocation of fiduciary fees to principal income? 1. $0 allocable to principal; $2000 allocable to income 2. $400 allocable to principal; $1600 allocable to income 3. $1600 allocable to principal; $400 allocable to income 4. $2000 allocable to principal; $0 allocable to incomeA trust has $7000 in interest income, $5000 in tax exempt interest income, $4000 in dividend income and $3000 in capital gains. The trust only expense was $2000 in fiduciary fees. What is the allocation of fiduciary fees to principle an income?
- O The Real Estate and Business Brokers Act requires that monies received by a brokerage be deposited into the brokerage's trust account within a specified period of time. Which of the following accurately describes this time period? O Sciect one anseer Funds must be depited into the brokerages commission trat actourt within 24nours of receipt Funds must be deposited into the brokerage's statutory trust account wthin a maimum of five business days of receipt. Funos must be deposted into the brokerages stanutory trust account immediately upon recipt Funds must be deposited into the brokerages commission trust account within a maximum of two business days of receiptCompute taxable income of a charitable trust for the A.Y 2023-24 under the following cases: Particulars Income other than voluntary contribution Voluntary contribution Voluntary contribution in the corpus of the trust Income applied for the purpose for which trust is created Case 1 4,00,000 1,00,000 2,00,000 4,50,000 Case 2 5,00,000 80,000 1,50,000 4,93,000 Case 3 15,00,000 2,00,000 5,00,000 2,00,000Problem 28-24 (c) (LO. 3) The trustee of the Geddings Trust has the discretion to distribute the income or corpus of the trust in any proportion between the two beneficiaries of the trust, Zoey and Milo. Under the trust instrument, Zoey must receive $5,000 and Milo must receive $10,000 from the trust every year. In the current year, the trust's accounting income is $15,000, and its DNI is $12,000. What amount income is recognized by the beneficiaries as the result of the distributions? Do not round immediate computations. Round your final answers to the nearest dollar. If an amount is zero, enter"0". a. Zoey: First-tier Distribution of $fill in the blank 1 and Second-tier Distribution of $fill in the blank 2.b. Milo: First-tier Distribution of $fill in the blank 3 and Second-tier Distribution of $fill in the blank 4.
- General tax revenues RO 250,000, were paid to the fund to be used to pay principal and interest on the developmental bonds. Which one of the following journal entries records the transfer of fund transaction in the debt service fund? a.Bank Account Dr. 250,000, Transfer from general fund Account Cr. 250,000 b. Loan Account Dr. 250,000, Bank Account Cr. 250,000 c. Bank Account Dr. 250,000, Transfer from debt service fund Account Cr. 250,000 d. None of the options Clear my choice4. Information on an entity's plan assets is shown below: 341,000 Fair value of plan assets, Jan. 1 Contributions to the retirement fund during the year 32,000 Benefits paid to retirees 89,000 Actuarial loss 50,000 Fair value of plan assets, Dec. 31 335,000 How much is the return on plan assets during the year? a. 51,000 b. 81,000 c. 101,000 d. 1,000Question You are provided with the following information relating to the Consolidated Fund for the year ended 31st December, 2019. Debit Credit GHC'000 GHc'000 Corporate taxes 200,000 Personal income taxes 120,000 Capital gain taxes and sundries 50,000 Taxes on general goods and services 180,000 Fees, fines and penalties 80,000 Investment income 20,000 Custom duties 250,000 Grants 150,000 Communication service taxes 100,000 Royalties 40,000 Established post 240,000 Casual labour 60,000 Travel and transport 70,000 Repairs and maintenance 50,000 13% Social security contribution 26,000 Gratuity and end of service benefit 168,000 State protocol 180,000 Independence Day celebration 205,000 Seminar and conferences 30,000 Probation 25,000 Property plant and equipment (at cost) 300,000 Infrastructure (at…