(Corporate income tax) Boisjoly Productions had taxable income of $19.8 million. a. Calculate Boisjoly's federal income taxes using the tax table shown in the popup window: b. Now calculate Boisjoly's average and marginal tax rates. a. The firm's tax liability for the year is $ (Round to the nearest dollar.) I b. The firm's average tax rate is 1%. (Round to two decimal places.) Data table The firm's marginal tax rate is %. (Round to the nearest integer.) - Taxable Income Marginal Tax Rate $0 - $50,000 15% $50,001 - $75,000 25% $75,001 - $100,000 34% $100,001 - $335,000 39% $335,001 - $10,000,000 34% $10,000,001 - $15,000,000 35% $15,000,001 - $18,333,333 | 38% Over $18,333,333 35% (Click on the icon in order to copy its contents into a spreadsheet.) Related to Checkpoint 3.2) (Review of financial statements) A scrambled list of accounts from the income statement and balance sheet of Belmond, Inc. is found here: 1. How much is the firm's net working capital? . Complete an income statement and a balance sheet for Belmond. . If you were asked to respond to parts (a) and (b) as part of a training exercise, what could you tell your boss about the company's financial condition based on your answers? 1. How much is the firm's net working capital? The firm's net working capital is $ (Round to the nearest dollar.) . Complete an income statement and a balance sheet for Belmond. Complete the income statement below: (Select from the drop-down menus and round to the nearest dollar.) Belmond, Inc. Income Statement $ Gross Profit $ Net Operating Income Earnings before Taxes Net Income Complete the assets part of the balance sheet below: (Select from the drop-down menus and round to the nearest dollar.) Belmond, Inc. Balance Sheet $ Current Assets $ $ Net Plant and Equipment $ $ Total Assets Complete the liabilities and owners' equity part of the balance sheet below: (Select from the drop-down menus and round to the nearest dollar.) Belmond, Inc. Balance Sheet (Cont'd) $ Current Liabilities $ Total Liabilities 0 0 Owners' Equity $ Total Liabilities and Owners' Equity C. If you were asked to respond to parts (a) and (b) as part of a training exercise, what could you tell your boss about the company's financial condition based on your answers? (Select from the drop-down menus.) The company is in a relatively short-term financial condition since the net working capital is (Corporate income tax) Boisjoly Productions had taxable income of $19.8 million. a. Calculate Boisjoly's federal income taxes using the tax table shown in the popup window: b. Now calculate Boisjoly's average and marginal tax rates. a. The firm's tax liability for the year is $ (Round to the nearest dollar.) I b. The firm's average tax rate is 1%. (Round to two decimal places.) Data table The firm's marginal tax rate is %. (Round to the nearest integer.) - Taxable Income Marginal Tax Rate $0 - $50,000 15% $50,001 - $75,000 25% $75,001 - $100,000 34% $100,001 - $335,000 39% $335,001 - $10,000,000 34% $10,000,001 - $15,000,000 35% $15,000,001 - $18,333,333 | 38% Over $18,333,333 35% (Click on the icon in order to copy its contents into a spreadsheet.) Related to Checkpoint 3.2) (Review of financial statements) A scrambled list of accounts from the income statement and balance sheet of Belmond, Inc. is found here: 1. How much is the firm's net working capital? . Complete an income statement and a balance sheet for Belmond. . If you were asked to respond to parts (a) and (b) as part of a training exercise, what could you tell your boss about the company's financial condition based on your answers? 1. How much is the firm's net working capital? The firm's net working capital is $ (Round to the nearest dollar.) . Complete an income statement and a balance sheet for Belmond. Complete the income statement below: (Select from the drop-down menus and round to the nearest dollar.) Belmond, Inc. Income Statement $ Gross Profit $ Net Operating Income Earnings before Taxes Net Income Complete the assets part of the balance sheet below: (Select from the drop-down menus and round to the nearest dollar.) Belmond, Inc. Balance Sheet $ Current Assets $ $ Net Plant and Equipment $ $ Total Assets Complete the liabilities and owners' equity part of the balance sheet below: (Select from the drop-down menus and round to the nearest dollar.) Belmond, Inc. Balance Sheet (Cont'd) $ Current Liabilities $ Total Liabilities 0 0 Owners' Equity $ Total Liabilities and Owners' Equity C. If you were asked to respond to parts (a) and (b) as part of a training exercise, what could you tell your boss about the company's financial condition based on your answers? (Select from the drop-down menus.) The company is in a relatively short-term financial condition since the net working capital is
