During 2020, Jacks Inc. had sales revenue $1,328,000, gross profit $728,000, operating expenses $398,000, cash dividends $90,000, other expenses and losses $40,000. Its corporate tax rate is 30%. What was Jacks income tax expense for the year?

Q: This year, FCF Inc. has earnings before interest and taxes of $10,180,000, depreciation expenses of…

A: Free cash flow = EBIT*(1-tax) + Deprication - capital expenditure - Increase in Working capital

Q: The annual revenue, expenses, and depreciation for a company are $130,000; 32,000; and $12,000,…

A: Revenue = 130,000 Expenses = 32000 Depreciation = 12000 Tax Rate = 23%

Q: During 2020 Miller Inc. reported $10,000 of Income Tax Expense.  During the year the balance in…

A: Tax Liability: Tax liability is the amount of money you owe to tax authorities, such as your local,…

Q: Fidelity, Inc., a financial company, reported income tax expense of $2,648 million for 2020,…

A: Cash payments for income taxes paid during 2020 = Beginning income taxes payable + current taxes -…

Q: The following information can be found in Sanduc Merchandising Corporation's financial statement in…

A: Net profit is one of the important measure of profitability of the business. High net profit means…

Q: Bezos Company’s income tax return shows income taxes payable for 2020 of $75,000 (that is, $75,000…

A: The amount of income tax cost that a company identifies in an accounting period for the government…

Q: Abacus Co. reported net income of P2,100,000 for 2020 . It incurred operating expenses other than…

A: The gross profit is the excess of net sales over the cost of goods sold. Operating profit can be…

Q: Xavier Corporation ends the year with net income of $250,000 and long term capital gains of $30,000.…

A: In the given case, the long term capital gains are treated as short term capital gains as there is…

Q: During 2020, Gorilla Corporation, a calendar year C corporation, has net short- term capital gains…

A: Capital gains refer to the income which is earned when the fixed assets are sold at a price higher…

Q: EVA

A: Formula for calculating Economic value added (EVA) is: Operating income after tax less annual cost…

Q: During 2018, Raines Umbrella Corp. had sales of $750,000. Cost of goods sold, administrative and…

A: Here, Free Cash flow to Equityholder, FCFE = Dividend paid to the shareholders = $68,000Let's put…

Q: On December 31, 2020, La Puendia Company reported the following: Income before tax for accounting…

A: Deferred tax: When accounting income is different from income under tax laws, it is called as…

Q: In recent year Palestine Corporation had a net income of $12,500, interest expense of $2,500, and a…

A: Given: Net income = $12,500 Interest expense = $2,500 Times interest earned = 9

Q: Ayayai Ltd. had the following 2020 income statement data: Sales $205,600 Cost of goods sold 119,400…

A: The Cash Flow statement shows the flows of cash and cash equivalent during the period under report.…

Q: Power Company's income statement for 2021 is given below. If inventory balances are 5000 in 2021 and…

A: The cash payment include the total payments made in cash during the period.

Q: e Allen corporation had sales of $63 million, total assets of $44 million, and total liabilities of…

A: Operating return on assets = Operating profit / sales * 100

Q: IF a corporation earns $240,000 and the payout ratio ( proportion distributed) is 20 percent, what…

A: Given: Total earnings = $240000 Payout ratio =20% = 0.20

Q: For 2018, Gourmet Kitchen Products reported $22.5 million of sales and $18 million of operating…

A: Economic value added (EVA) is a measure of a company's economic profit. It is the value created…

Q: For 2018, Gourmet Kitchen Products reported $22 million of sales and $19 millionof operating costs…

A: Economic value added is used to determine the financial position of the company based on its…

Q: The S&H construction company expects to have total sales next year totaling $14,500,00 In addition,…

A: Given information, Total Sales =$14,500,000 Interest expenses =$318,000 Cost of goods sold =58% of…

Q: Fragile Express Delivery Company’s earnings before interest and taxes (EBIT) was $725 million.…

A: NOPAT or net operating profit after taxes is calculated as EBIT less taxes on EBIT

Q: In the year 2020, Metro Corporation expects an increase of 25% in cost of sales as compared to cost…

A: Note: Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: The annual revenue, expenses, and depreciation for a company are $130,000; 32,000; and $15,000,…

A: Annual Revenue = 130,000 Expenses = 32,000 Depreciation = 15,000

Q: For the fiscal year 2020, AI Rawabi Company has a net profit of RO 150,000 and a return on capital…

A: The question is based on the concept of Accounting ratios.

Q: Please show all equations and work as needed. Make the correct answer clear. If possible, please…

A: Calculation of Free Cash Flow using excel:

Q: For 2018, Gourmet Kitchen Products reported $23 million of sales and $18 million of operating costs…

A: EVA: It is the excess profit that a company generates over & above the expected returns of the…

Q: A company's sales in 2020 were $3.8 million and its total spontaneous se the firm's spontaneous…

A: Profit margin = 9.7%  Net profit for the year can be calculated as :  Net profit = Profit margin *…

Q: IF a corporation earns $240,000 and the payout ratio ( proportion distributed) is 50 percent, what…

A: Given: Total earnings = $2400000 Payout ratio =50% = 0.30

Q: IF a corporation earns $270,000 and the payout ratio ( proportion distributed) is 30 percent, what…

A: Dividend payout ratio is used to find the proportion of dividend given to their shareholders in…

Q: henron, Inc. had pre-tax accounting income of P1,350,000 and a tax rate of 40% in 2020, its first…

A: PARTICULARS    AMOUNT IN (P) Pre-Tax Accounting income           P1,350,000…

Q: During 2020, Coronado Inc. had sales revenue $1368000, gross profit $730300, operating expenses…

A: answer with explanation areas follows:

Q: In 2021, Bulldogs Inc. had a net operating profit after-taxes of P20,000,000 and an effective tax…

A: Depreciation and Amortization: A company incurs capital expenditure to procure assets from which it…

Q: 11. In 2019, LSP company reported a net income of $57,000. They had reported earnings before…

A: Net income = $57000 EBIT = $160,000 Tax rate = 40%

Q: Ronin, Inc. had pre-tax accounting income of $2.700,000 and a tax rate of 40% in 2018, its first…

A: Introduction: Income tax payable is a part of accounting in the current liabilities section of a…

Q: In 2021, PacMan Inc. had a net operating profit after-taxes of P20,000,000 and an effective tax rate…

A: Operating profit is the operating revenues of the business after deducting operating expenses of the…

Q: Verse Company's income statement for the year ended December 31, 2020 shows pretax income of…

A: Permanent Difference = Interest on governmentbonds (exempt from tax) = P50,000 Temporary Difference…

Q: For its current tax year, Ilex Corporation has ordinary income of $250,000, a short-term capital…

A: Tax is a liability that has to be paid to the government that acts as revenue for the government.…

Q: In 2018, Kardashian Inc. reported pretax accounting income of $240,000. In 2019, the company had a…

A: Carry back of losses is an option for the company to set off the current…

Q: The S&H construction company expects to have total sales next year totaling $15,300. In addition,…

A: Sales = 15,300 Tax Rate = 35% Interest Expense = 280,000 Cost of goods sold = 57% of Sales Operating…

Q: Last year, Roswin Robotics have $5,000,000.00 in operating income (EBIT). Its depreciation expense…

A: Net Operating Working Capital = Operating Current Assets - Operating Current Liabilities Net Working…

Q: C Company has the following data for the year ending 12/31/2020 (dollars are in thousands): Net…

A: EVA or Economic value added is defined as the measure of the financial performance of the…

Q: In the recent year Hill Corporation had net income of $140,000, interest expense of $40,000, and tax…

A: Net Income before interest and taxes = Net income + Interest expense + Tax expense Net Income before…

Q: A firm’s annual revenues are $850,000. Its expenses for the year are $615,000, and it claims…

A: Tax:- It is the amount which one pays to the government of the country as per prescribed rates or…

Q: In a recent year Ley Corporation had net income of $150,000, interest expense of $30,000, and a…

A: Net income: The net income of the business is determined by subtracting the total expenses from the…

Q: 11. In 2019, LSP company reported a net income of $57,000. They had reported earnings before…

A: Net income (EAT) = $57000 EBIT = $150,000 Tax rate = 40%

Q: GHIST Co. reported a net income of P2,100,000 for 2020. It incurred operating expenses other than…

A: Relationship between Operating Expense and Gross Profit Cost of sales = Net sales - Gross profit We…

Q: Robbins Corporation reports the following information at December 31, 2020: Sales $15,000,000, Cash…

A: Gross Margin = Sales - Cost of Goods Sold

Q: Kristyle Company's net income last year was P40,000 and its interest expense was P8,000. Total…

A: Return on assets (ROA) refers to the evaluation of the profitability of the assets of a company.