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In 2010, Natural Selection, a nationwide computer dating service, had $500 million of assets and $200 million of liabilities. Earnings before interest and taxes were $120 million, interest expense was $28 million, the tax rate was 40 percent, principal repayment requirements were $24 million, and annual dividends were 30 cents per share on 20 million shares outstanding. Calculate: Natural Selection's liabilities-to-equity ratio Times interest earned ratio Times burden covered What percentage decline in earnings before interest and taxes could Natural Selection have sustained before failing to cover: Interest payment requirements? Principal and interest requirements? Principal, interest, and common dividend payments?
A corporation has income of $62,000 from operations and a long term capital loss of $5,000 and long term capital gain of $4,000. What is the corporation's taxable income?
Indicate with explanations, sections of the Acts and relevant caselaw how the Revenue and Expense items in the company's accounts are treated for tax purposes and calculate SEM Pty Ltd's taxable income for 2011/12.
Compare the tax advantages of debt versus equity capital formation of the corporation for the client and debt or equity for capital formation of thenew corporation, based on your research
Explain how the business should account for the $5,000 expenditure under the cash basis and the accrual basis.
Evaluate the tax rules for a parsonage usually? Under each of the subsequent conditions, what are the tax implications to the Imam and mosque?
Identify the tax issues that are raised and the relevant sections of the legislation. Identify any cases and other sources of law or information that apply.
Determine taxable income before considering expense.
A staff tax accountant has come to you for advice. She has begun a tax return and does not know what to do with the expenses that the client has submitted as itemized deductions
You are a CPA and a tax senior at Roll Accounting Inc. (RAI), an accounting professional corporation in Canada. It is now March 31, 2014 and you have just finished meeting with Mike Dee, a partner at RAI. Mike has some tax issues that he wants you to..
Calculate their taxable income and tax liability.
The net effect of this arrangement is a reduction in their income tax liability - Will Carol and Jared''s plan work? Explain
Describe the 401 K limits and special treatment for highly-compensated employees. Document how, as a tax analyst, you see this program. Document what, if any, will be the tax implications of this program.
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