Disregarding any interest liabilities

Assignment Help Financial Accounting
Reference no: EM131262274

Alexi files her tax return 5 days after the due date. Along with the return, she remits a check for 6,700, which is the balance of the tax she owes. The failure to file is not is attributable to fraud. Assume 30 days in a month. If required, round your answers to nearest whole value. Disregarding any interest liabilities, Alexi’s total penalties are as follows: Failure to pay penalty: $. Failure to file penalty: $.

Reference no: EM131262274

Questions Cloud

Compute the depreciation for each of the three years : Renner Corporation purchased a delivery van for $26,300 in 2014. The van was expected to have a useful life of 160,000 miles and a salvage value of $2,300. Actual mileage was as follows: 2014 50,000 2015 45,000 2016 47,000 Required. Compute the depre..
Calculate amount of under-over-absorbed overhead for year : Carmen has a bakery that specializes in dog foos in a variety of sizes and flavors. Carmen uses a flexible budget to forecast manufacturing overhead, which is then allocated to products based on over hours. Calculate the overhead application rate at ..
Routine maintenance of production equipment : How would I write journal entries for the following? Sold land that had originally cost $117,000 for $102,600 in cash. Recorded a $612,000 payment for the cost of developing and registering a patent. Expensed $14,100 of cash expenditures incurred for..
Does this qualify as a sale or exchange : Bonnie and Clyde are the only two shareholders in Getaway Corporation. Bonnie owns 60 shares with a basis of $7,300, and Clyde owns the remaining 40 shares with a basis of $16,000. At year-end, Getaway is considering different alternatives for redeem..
Disregarding any interest liabilities : Alexi files her tax return 5 days after the due date. Along with the return, she remits a check for 6,700, which is the balance of the tax she owes. The failure to file is not is attributable to fraud. Assume 30 days in a month. If required, round yo..
Bonus equal to difference in corporations taxable income : Nittany Company pays its sole shareholder, Tammy Lion, a salary of $105,600. At the end of each year, the company pays Tammy a "bonus" equal to the difference between the corporation’s taxable income for the year (before the bonus) and $67,500. How m..
Assuming the distribution is non-taxable : Badger Corporation declared a stock dividend to all shareholders of record on March 25 of this year. Shareholders will receive one share of Badger stock for each 10 shares of stock they already own. What amount of taxable dividend income, if any, doe..
What is the income tax imposed on the corporate income : Bulldog Corporation reported taxable income of $660,000 this year, before any deduction for any payment to its sole shareholder and employee, Georgia Brown. Bulldog chose to pay a bonus of $172,000 to Georgia at year-end. Bulldog Corporation is subje..
Companies logos that are immediately identifiable : There are companies logos that are immediately identifiable. Starbucks for example opens locations around the world with little to no advertising or promotion and there are lines around the block at every opening. Why do some companies need to promot..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Use accounting more in your personal or professional life

How do you see yourself using these financial topics and concepts after graduating from Harrison? Are you interested in becoming a CPA, investing in stocks, or managing a company’s accounts, for example? Will you use accounting more in your personal ..

  What is window basis in the machinery

Natale transfers to Window Corporation depreciable machinery originally costing $ 23,000 and now having a(n) $ 18,000 adjusted basis. In exchange, Natale receives all 75 shares of Window stock having a(n) $ 22,000 FMV and a three-year Window note hav..

  Share dividend on the common stock outstanding

On January 1, 2010 the Knox Company showed the following alphabetical list of stockholders equity balances:

  What are the components of your damage model

What is your theory of damages, and what are the components of your damage model? What are your plans to counter the plaintiffs’ damage calculations?

  What was the amount of payments to supplier of inventory

A company's Inventory account increased $26,800 and its Accounts payable account decreased $18,240 during the year. The accounts payable relates only to the acquisition of inventory. Sales were $789,500 and Cost of goods sold was $532,700. What was t..

  Present entries to record disposed of merchandise inventory

Present the entries to record the following transactions: Received $400 upon sale of supplies, Disposed of the merchandise inventory, receiving $22,000 and Sold the equipment for $3,000.

  Illustrate what is the minimum ownership percentage an owner

Illustrate what is the minimum ownership percentage an owner must have in the entity to avoid gain recognition when property is contributed?

  Chief debit retained earnings for in their journal entry

On March 15, Chief Company acquired 20,000 shares of its own $2 par value common shares at a cost of $17 per share. Chief originally issued the shares at $12 per share. On July 5, Chief sold 7,000 of the shares back in the open market at a price of $..

  Preparation of bad debt account and their adjustmentbad

preparation of bad debt account and their adjustment.bad debts analysis allowance account on january 1 2009 the balance

  Effective-interest method of amortizing bond discount

Under the effective-interest method of amortizing bond discount, the interest expense recorded for each semiannual interest payment_______.

  Uses cash-basis accounting for its records

Busby Corp. uses cash-basis accounting for its records. During 2013, Busby collected $780,000 from its customers, made payments of $420,000 to its suppliers for inventory, and paid $170,000 for administrative costs. Customers owed Busby $40,000 at th..

  Companys principal lime of business and major competitors

In no more than two typed pages, address the following questions related to your selected company: What is the company’s principal lime of business and major competitors? Calculate the 8 ratios for the current year. Investment decision: Provide a sta..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd