Rogue Industries reported the following items for the current year: Sales = $3,000,000; Cost of Goods Sold $1,500,000; Depreciation Expense = $170,000; Administrative Expenses = $150,000; Interest Expense = $30,000; Marketing Expenses = $80,000; and Taxes = $300,000. %3D %3D %3D %3D Rogue's gross profit is equal to
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- Concepcion Industries paid $308,000 in federal taxes last year. If business expenses and depreciation charges were $345,000, what were their gross sales for the year?A): Calculate the total cost, total depreciation, and annual depreciation (in $) for the following assets by using the straight-line method. (Round your answers to the nearest cent.) *chart attached* B): Mason Industries purchased a drilling rig for $75,900. Delivery costs totaled $2,831. The useful life is 7 years and the salvage value is $12,938. Prepare a depreciation schedule using the straight-line method. *CHART ATTACHED*= You are given the following information for Calvani Pizza Co.: sales = $41200; costs $21601; addition to retained earnings = $7046; dividends paid = $3793; interest expense = $2391; tax rate = 30 percent. Calculate the depreciation expense.
- Borsberry Medical has a gross income of $6.7 million for the year. Depreciation and operating expenses total $5.5 million. The combined state and local tax rate is 7.6%. Borsberry’s president hopes to have a total of $2 million left after taxes. What reduction in operating expenses (OE) is necessary to realize this goal if the effective tax rate and depreciation are constant?Fanning Corp. incurs the following annual fixed costs: Depreciation $80,000 Officers' salaries $190,000 Long-term lease $42,000 Property taxes $48,000 Determine the total fixed cost per unit of production, assuming that Fanning produces 4,000, 4,500, or 5,000 units.A builder paid $120,000 for a house and lot. The value of the land was appraised at $65,000, and the value of the house at $55,000. The house was then torn down at an additional cost of $8,000 so that a warehouse could be built on the lot at a cost of $50,000. What is the total value of the property with the warehouse? For depreciation purposes, what is the cost basis for the warehouse?
- For the most recent year, LMN, Inc., had sales of $467396, cost of goods sold of $234116, depreciation expense of $51178, and additions to retained earnings of $69054. The firm currently has 18455 shares of common stock outstanding, and the previous year's dividends per share were $1.31. Assuming a 27 percent income tax rate, what was the times interest earned ratio? Answer to two decimal places.A company's second year operations can be summarized as follows: Revenues: $110 000 Expenses (except CCA): $65 000 Its capital asset purchases in the first year totalled $100 000, with none in the second year. With a CCA rate of 20 percent and a tax rate of 55 percent, how much income tax did it pay?On its tax return at the end of the current year Webnet Inc. has $6 million of tax depreciation in excess of depreciation in its income statement. A disclosure note reveals that $1 million of the $6 million difference will reverse itself next year, and the remainder will reverse over the next 4 years. In the absence of other temporary differences, in the balance sheet at the end of the current year Webnet would report ?
- 17.7 Rotana Construction, Inc., has operated for the last 21 years in a northern U.S. state where the state income tax on corporate revenue is 6% per year. Rotana pays an average federal tax of 23% and reports taxable income of $7 million. Because of pressing labor cost increases, liability insurance premium increases, and other cost increases, the president wants to move to another state to reduce the total tax burden. The new state may have to be willing to offer tax allowances or an interest-free grant for the first couple of years in order to attract the company. You are an engineer with the company and are asked to do the following. (a) Determine the effective tax rate for Rotana. (b) Estimate the state tax rate that would be necessary to reduce the overall effective tax rate by 10% per year. (c) Determine what the new state would have to do financially for Rotana to move there and to reduce its effective tax rate to 22% per year.Q7.Jett Gas LLC has total sales of $1,479,600 and costs of $914,300. Depreciation is$41,650 and the tax rate is 34 percent. The firm does not have any interest expense.What is the operating cash flow?nt i Net sales (all credit) Less: Cost of goods sold Gross profits Less: Other operating expenses EBITDA Less: Depreciation and amortization EBIT Less: Interest EBT Less: Taxes Net income Determine the firm's 2021 tax liability. Tax liability Oakdale Fashions, Inc.'s, 2021 income statement is reported below. (Use corporate tax rate of 21 percent for your calculations.) Oakdale Fashions, Inc., Income Statement for 2021 Determine the firm's 2021 net income. Net income $ 660,000 253,000 $ 407,000 128,000 $ 279,000 18,800 $ 260,200 89,500 $ 170,700 $ Saved < Prev K myPay 2 of 12 ww Next aos mefa