Reference no: EM131989083
Problem
SynTAX CO
The audited accounts of SynTax Co. for year-end August 31, 2014 show a profit of $2,300,000 after charging the following:
Depreciation 430,000
Legal fees 1,100,000
Donations 190,000
Bad debts 336,000
Foreign Travel 365,000
Other Information
a. Legal fees are as follows:
Expenses in respect of recovery of debts, $100,000 Expenses related to the increase private share capital, $1,000,000 of a subsidiary company located in Barbados.
b. SynTax Co. donated $90,000 to HIGH University and $100,000 to a HELP a private charity which registered and got approval under the Charities Act, on August 30, 2014 and was placed on the Commissioner of Taxes approved list on September 1, 2014.
c. The bad debt expense is a percentage of debtors at year-end
d. Foreign travel expense was a vacation package for the purchasing of marketing manager's (who met with company's clients) and his family plane tickets.
e. Included in revenue is the item - Refunds from Income Tax of $68,000
f. The capital allowances have been calculated at $1,352,500.
Required
Calculate the Corporation Tax Liability of SynTax Co. for Y/A: 2014.
Best decision using the maximax criterion
: (a) What is the best decision using the maximax criterion? What is the payoff for it?
|
What is annual total cost
: What is its annual total cost (which includes the purchasing cost, ordering cost, and holding cost) the firm incurs, assuming they operate optimally?
|
What would you do in the future to avoid these psychological
: Consider the last two major purchases you made, and list the techniques that may have swayed your choices.
|
How many units should they purchase
: Bamazon Inc. incurs a 25% annual holding cost. Assuming the firm operates optimally, how many units should they purchase each time they place an order?
|
Calculate the corporation tax liability of syntax co
: The audited accounts of SynTax Co. for year-end August 31 2014 show a profit of $2,300,000. Calculate the Corporation Tax Liability of SynTax Co. for Y/A: 2014.
|
Trust controllers and the risk of human error
: How can you continue to trust controllers and the risk of human error as they continue to be over worked, under trained, and under paid
|
Effective hazard communication program
: Discuss how cultural and language barriers can affect the implementation of an effective hazard communication program.
|
Prepare a table of future taxable and deductible amounts
: Prepare a table of future taxable and deductible amounts. Describe a deferred tax asset and its recognition in the financial statements.
|
Preparedness and response programs and activities
: As an emergency coordinator, how would you recruit and involve community and business sector partners in preparedness and response programs and activities?
|