Question
Due in two hours due in two hours!!!!! Vanquish, Incorporated, a C Corporation, had the following items of income and expense during 2021. Gross profit
Due in two hours due in two hours!!!!!
Vanquish, Incorporated, a C Corporation, had the following items of income and expense during 2021.
Gross profit from sales $220,000
Interest income on bank account $3,650
Interest income on State of Missouri Bonds $4,000
Long term capital loss on sale of stock $5,000
Wages expense $90,000
Charitable contributions $17,000
Other deductible expenses $57,000
Depreciation - BOOK $10,000
Depreciation - TAX (MACRS) $15,000
Federal income tax credit $2,500
What is Vanquish, Incorporated's tax rate?
Solve as we have in class (on your own paper, WORD doc, Excel, etc.) and attach a file showing your work.
a) Compute Taxable Income and Tax Due (or Refund) for the Corporation.
b) What specific items and amounts from 2021 does the Corporation have to CarryForward? Why?
Vanquish, Incorporated, a C Corporation, had the following items of income and expense during 2021. DES DO DO Gross profit from sales $220,000 Interest income on bank account $3,650 Interest income on State of Missouri Bonds $4,000[ Long term capital loss on sale of stock $5,000 Wages expense $90,000 D Charitable contributions $17,000 De Draw Dave Dreve Other deductible expenses $57,000 Depreciation - BOOK $10,000 Depreciation - TAX (MACRS) $15,000 Die DO De Federal income tax credit $2,500 DO What is Vanquish, Incorporated's tax rate? Solve as we have in class (on your own paper, WORD doc, Excel, etc.) and attach a file showing your work. a) Compute Taxable income and Tax Due (or Refund) for the Corporation. Driver b) What specific items and amounts from 2021 does the Corporation have to CarryForward? Why? Vanquish, Incorporated, a C Corporation, had the following items of income and expense during 2021. DES DO DO Gross profit from sales $220,000 Interest income on bank account $3,650 Interest income on State of Missouri Bonds $4,000[ Long term capital loss on sale of stock $5,000 Wages expense $90,000 D Charitable contributions $17,000 De Draw Dave Dreve Other deductible expenses $57,000 Depreciation - BOOK $10,000 Depreciation - TAX (MACRS) $15,000 Die DO De Federal income tax credit $2,500 DO What is Vanquish, Incorporated's tax rate? Solve as we have in class (on your own paper, WORD doc, Excel, etc.) and attach a file showing your work. a) Compute Taxable income and Tax Due (or Refund) for the Corporation. Driver b) What specific items and amounts from 2021 does the Corporation have to CarryForward? Why
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