Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Business & Finance Posted 26 Jun 2018 My Price 9.00

XYT Company

1.XYT Company engaged in a transaction that generated $50,000 cash deposited in the company bank account and required the company to pay $12,000 out of that account. XYT's marginal tax rate is 30%. Which of the following statements is false?

a.If the deposit is taxable income and the payment is deductible, the transaction generated $26,600 after-tax cash flow.

b.If the deposit is taxable income but the payment is nondeductible, the transaction generated $35,000 after-tax cash flow.

c.If the deposit is not taxable income and the payment is nondeductible, the transaction generated $38,000 after-tax cash flow.

d.None of the above is false.

 

2.Which of the following statements is true?

a.Mary Gilly owns 100% of the stock of Gilly Inc. Both Mary and Gilly Inc. are taxpayers under federal law.

b.The same rate schedule applies to both individual and corporate taxpayers.

c.The tax provisions governing the computation of individual business income are separate and distinct from the tax provisions governing the computation of corporate business income.

d.Mary Gilly owns 100% of the stock to Gilly Inc. Both Mary and Gilly Inc. are taxpayers under federal law and the tax provisions governing the computation of individual business income are separate and distinct from the tax provisions governing the computation of corporate business income.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Jun 2018 10:06 PM My Price 9.00

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