Define CORPORATE INCOME TAX

Hello everyone,

 

Can anyone please help me with these assignment?

 

 

1(CORPORATE INCOME TAX) Meyer Inc. has taxable income (Earnings before taxes) of $300,000. Calculate Meyer’s federal income tax liability using the tax table.

 

 

 

Taxable Income

 

 

 

$0-$50,000

 

$50,001-$75,000

 

$75,001-$100,000

 

$100,001-$335,000

 

$335,001-$10,000,000

 

$10,000,000-$15,000,000

 

$15,000,001-$18,333,333

 

Over-$18,333,333

 

 

 

Marginal Tax Rate

 

 

 

15%

 

25%

 

34%

 

39%

 

34%

 

35%

 

38%

 

35%

 

 

 

What are the firm’s average and marginal tax rates?

 

 

 

The firm’s tax liability for the year is? Round to the nearest dollar.

 

 

 

 

 

 

 

2(Working with the balance sheet)

 

 

 

The caraway seed company grows heirloom tomatoes and sells their seeds. The heirloom tomato plans are preferred by many growers for their superior flavor at the end of the most recent year the firm had current assets of $50,000, net fixed assets of $250,000 current liabilities of $30,000 and long-term debt of $100,000

 

 

 

A-Calculate caraway’s stockholders equity

 

 

 

B-What is the firm’s net working capital?

 

 

 

C-If caraway’s current liabilities consist of $50,000 in accounts payable and $10,000 in short-term debt (notes payable) What is the firm’s net working capital?

 

 

 

Caraway’s stockholders equity is? Round to the nearest dollar.

 

 

 

 

 

3-(Review of financial statements)

 

 

 

A scrambled list of accounts from the income statement and balance sheet of Belmond, Inc. is found below.