Current earnings and profits

Reference no: EM13912813

As of December , 20X14, Eliot Corp. has net income per books of $100,000, which includes municipal bond interest of $4,000, a deduction for business meals of $5,000, a deduction for a net capital loss of $5,000, and a deduction for federal income taxes of $22,000. What is Eliot Corp.'s current earnings and profits (Current E&P) for 20X14?

a. $98,500

b. $107,500

c. $125,500

d. $102,500

Reference no: EM13912813

Questions Cloud

Consumer goods manufacturing firm : The following data relate to GenMet, a U.S. based consumer goods manufacturing firm

Special tax elections : Absent any special tax elections, how much interest income will Eric report from the bond this year and in the year the bond matures?

Discontinued operation : discontinued operation which should be treated as a prior period adjustment-a discontinued operation which should be disclosed net-of-tax effects.

Account paying a guaranteed interest rate : Matt recently deposited $44,250 in a savings account paying a guaranteed interest rate of 2 percent for the next 10 years.(Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)

Current earnings and profits : As of December , 20X14, Eliot Corp. has net income per books of $100,000, which includes municipal bond interest of $4,000, a deduction for business meals of $5,000, a deduction for a net capital loss of $5,000, and a deduction for federal income tax..

First out (fifo) method : Prepare the production cost report for the Finishing Department for October using the.first in, first out (FIFO) method. Costs per equivalent unit should be carried to four decimals.

Decision making model : Millie Hardy lives in the Clare Valley and is looking for a way to make as much profit as possible by working part time whilst she is studying at university. Decision Making Model , explain which system Millie should purchase. Show any supporting cal..

Fixed selling and administrative : Fixed manufacturing overhead $106,800 Fixed selling and administrative $68,000 The total gross margin for the month under the absorption costing approach is:

Operating income : Direct labor $30 Variable manufacturing overhead $7 Variable selling and administrative $11 Fixed costs: Fixed manufacturing overhead $65,700 Fixed selling and administrative $21,000 What is the net operating income for the month under variable costi..

User Account

All Pages