Grand River Corporation reported taxable income of $500,000 in 20X3 and paid federal income taxes of $170,000. Not included in the computation was a disallowed meals and entertainment expense of $2,000, tax-exempt income of $1,000, and deferred gain on a current-year transaction treated as an installment sale of $25,000. The corporation's current E&P for 20X3 would be:
A. $331,000.
B. $524,000.
C. $354,000.
D. $500,000.
Answer: C
You might also like to view...
Firms such as General Electric, Marriott, and Facebook have achieved great success by putting a huge effort into implementing the marketing concept, giving their firms a
A. market orientation. B. customer relationship orientation. C. production orientation. D. service orientation. E. sales orientation.
A soft drink manufacturing company has three factories-one in Orlando, one in Tampa, and one in Port St. Lucie-that supply soft drink bottles to three warehouses located in the city of Miami. The associated per-unit transportation cost between the factories and the warehouses is provided in the table below.
? Transportation Costs ($) Factories/Warehouse (W)W1 W2 W3 Orlando7 4 5 Tampa7 6 4 Port St. Lucie5 5 6 ? The factory in Orlando has a capacity of 14,000 units.The factory in Tampa has a capacity of 25,000 units.The factory in Port St. Lucie has a capacity of 23,000 units.The requirements of the warehouses are: ? Warehouse Requirement (Bottles) W1 18,000 W2 19,000 W3 22,000 ? Determine how much of the company's production should be shipped from each factory to each warehouse in order to minimize the total transportation cost? ? ? ? What will be an ideal response?
The United States follows the principle of restricted immunity for suits against foreign nations
Indicate whether the statement is true or false
Which of the following should a writer capitalize while writing?
A. The suffix "-elect" when joined to titles B. A personal title of a specific person C. A common noun that names the general class of a product D. The term "government" when it stands alone