What excess net passive income tax does Josie pay

Assignment Help Accounting Basics
Reference no: EM132435929

Question - Josie, Inc was operated as a C Corporation for the past 6 years. It has C Corporation earnings and profits of $300,000. During 2017 Josie Corp has $ 1,000,000 of sales revenues, $300,000 of cost of goods sold, and $100,000 of other expenses. In addition, Josie, Inc receives $ 400,000 of interest income. What excess net passive income tax does Josie, Inc pay in 2017?

A. $140,000

B. $0

C. $35,000

D. $17,500

Reference no: EM132435929

Questions Cloud

Calculate the accounts receivable turnover ratio : Allowance for Doubtful Accounts - $6,000 for 2018 and 6,500 for 2019. Calculate the accounts receivable turnover ratio
Valuate real firm operations : Valuate a real firm's operations: use its accounting statements to find FCF and the implied value of the firm and equity.
What technological methods are used in Afghanistan : What technological methods are used in Afghanistan and Iraq and how have they been used tactically (i.e., what goals are they used to achieve)?
Explain WWI impact and if it still effects today : Explain WWI impact and if it still effects today.World War I is sometimes described as the first war where industrialization was brought to warfare
What excess net passive income tax does Josie pay : n addition, Josie, Inc receives $ 400,000 of interest income. What excess net passive income tax does Josie, Inc pay in 2017
Introduction to programming assignment : Introduction to Programming Assignment Help and Solution, Faculty of Science, Engineering and Technology - Assessment Writing Service
Internal Organizational and Governance Requirements : What are the Internal Organizational and Governance Requirements? What are the top 5 challenges facing financial firms in compliance with MiFID II?
Discuss how organizational needs and culture of health care : Discuss how organizational needs and the culture of health care influence organizational outcomes. Describe how these relate to health promotion
Calculate annual depreciation expense : Freight charges amounted to $700 and there was a cost of $3,000 for building a foundation and installing the equipment. Calculate annual depreciation expense

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the price index for the given year

In 2010, the cost of a market basket of goods was $2,000. In 2012, the cost of the same market basket of goods was $2, 100. Use the price index formula.

  Define the term conflict of interest

Explain how the provision of non-audit services can be a threat to auditor independence. Define the term, "conflict of interest"

  Compute the total price paid by xyz corporation

Compute the total price paid by XYZ Corporation for the bonds showing your calculation for the present value of the principal

  What is the internet address of the annual report

Purpose: Use an annual report to identify a company's plant assets and the depreciation method used.

  Investing activities section of the statement of cash flows

If a gain of $9,000 is incurred in selling (for cash) office equipment having a book value of $55,000, the total amount reported in the cash flows from investing activities section of the statement of cash flows is:

  What is annual limitation on the use of ts net operating

What is P's basis in T's assets and what is the annual limitation on the use of T's net operating loss

  How many shares of preferred stock have been issued

The following table lists the stockholders' equity accounts appearing on the balance sheet of a corporation on December 31, 2014. How many shares of preferred stock have been issued?

  What is the crossover rate

Cummings Products Company is considering two mutually exclusive investments. The projects' expected net cash flows are as follows.

  Compute the central costs allocated to each store

Johnny's Markets has three grocery stores in the metropolitan Philadelphia area. Compute the central costs allocated to each store with budgeted sales

  The minimum selling price on the special order to produce

What is the minimum selling price on the special order to produce net income of $4.00 per ball

  Explain gasb reporting requirements related to fair value

GASB standards require that investments be reported at fair value. Explain the GASB reporting requirements related to fair value. How do these requirements differ from reporting requirements for corporate entities?

  Kretz corporation prepares monthly financial statements

Kretz Corporation prepares monthly financial statements and therefore adjusts its accounts at the end of every month

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