Balance Sheets 12/31/19 12/31/18 Current Assets $5,000 $ 4,400 Gross Fixed Assets $ 16,000 $14,000 Less Accum Deprec. (5,000) (4,000) Net Fixed Assets 11,000 10,000 Total Assets $16,000 $14,400 Current Liabilities $4,500 $ 4,100 Noncurrent Liabilities 6,000 5,500 Common Stock 100 100 Retained Earnings 5,400 4.700 Total Liabilities & Equity $16,000 $14.400 Assume Operating Cash Flow for 2019 is $4,000. Use the Balance Sheets to calculate Cash Flow from Assets. O $2,200 O $1,800 O $6,200 $2,800 Income Statement for 2019 Sales Revenue $24,000 Cost of Sales 16.800 Gross Profit $ 7,200 Operating Expenses 5,800 Net Operating Income $1,400 Net Interest Expense 250 Taxable income $ 1,150 Provision for Income Tax 240 Net Income $ 910 Balance Sheets 12/31/19 12/31/18 Current Assets $5,000 $4,400 Gross Fixed Assets $16,000 $14,000 Less Accum Deprec (5.000) 14.000) Net Fixed Assets 11.000 10.000 Total Assets $16.000 $14.400 Current Liabilities $4,500 $ 4,100 Noncurrent Liabilities 6.000 5,500 Cucu Cum W Balance Sheets 12/31/19 12/31/18 Current Assets $5,000 $4,400 Gross Fixed Assets $ 16,000 $14,000 Less Accum Deprec. (5,000) (4,000) Net Fixed Assets 11,000 10,000 Total Assets $16,000 $14.400 Current Liabilities $ 4,500 $4,100 Noncurrent Liabilities 6,000 5,500 Common Stock 100 100 Retained Earnings 5.400 4.700 Total Liabilities & Equity $16,000 $14.400 Calculate the amount paid in Dividends in 2019. O $700 O $210 $1,610 $1,120 Income Statement for 2019 Sales Revenue $24,000 Cost of Sales 16,800 Gross Profit $ 7,200 Operating Expenses 5,800 Net Operating Income $1,400 Net Interest Expense 250 Taxable Income $1,150 Provision for Income Tax 240 Net Income $ 910 Balance Sheets 12/31/12 12/31/18 Current Assets $5,000 $ 4,400 Gross Fixed Assets $ 16,000 $14,000 Less Accum Deprec. (5.000) (4.000) Net Fixed Assets 10.000 11.000 $16.000 Total Assets $14.400 Current Liabilities $ 4,500 $4,100 Noncurrent Liabilities 6,000 5,500 Balance Sheets 12/31/19 12/31/18 Current Assets $5,000 $4,400 Gross Fixed Assets $ 16,000 $14,000 Less Accum Deprec. (5.000) (4,000) Net Fixed Assets 11.000 10,000 Total Assets $16.000 $14,400 Current Liabilities $4,500 $4,100 Noncurrent Liabilities 6,000 5,500 Common Stock 100 100 Retained Earnings 5.400 4.700 Total Liabilities & Equity $16.000 $14.400 Calculate Operating Cash Flow. $2,160 $6,160 $1,910 O $7,960 A corporation put depreciable assets into service in 2016. The cost (or depreciable basis) of the assets is $180,000, and they are in the 5-year MACRS class. Use MACRS and calculate the depreciation expense for 2019. O $34,560 O $20,736 O $57,600 O $36,000 Question 14 2 A corporation's taxable income for 2019 is $300,000. Calculate the federal income tax liability. O $84,000 $63.000 $45,000 O $105,000
