Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

show steps please Required information [The following information applies to the questions displayed below.) Sharon Inc. is headquartered in State X and owns 100 percent

show steps please image text in transcribed
image text in transcribed
image text in transcribed
Required information [The following information applies to the questions displayed below.) Sharon Inc. is headquartered in State X and owns 100 percent of Carol Corp., Josey Corp., and Janice Corp., which form a single unitary group. Assume sales operations are within the solicitation bounds of Public Law 86-272. Each of the corporations has operations in the following states: Domicile State Dividend income Business income Sales: State x State Y State 2 State State B Property: State X State Y States State Payroll: State X State Y state 2 State Sharon Inc. Carol Corp. Joney Corp. Janice Corp. State X State Y State: State 2 (throwback) (throwback) (nonthrowback) (nonthrowback) $ 1,080 $ 450 $ 775 $ 905 54,700 36,000 14,300 11,600 77,200 10,100 17,600 11,700 42,500 5,300 20,400 44,500 15,500 23,100 17,800 13,200 65,750 21,800 14,800 92,750 26,750 34,500 59,250 11,000 16,100 48,500 5,500 13,500 Compute the following for State X assuming a tax rate of 15 percent (Use an equally weighted three-factor apportionment. Round all apportionment factors to 4 decimal places. Round other answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable) a. Calculate the State X apportionment factor for Sharon Inc., Carol Corp., Josey Corp., and Janice Corp. State X Apportionment factors Sharon Carol Josey Janice b. Calculate the business income apportioned to State X. State X Business Income

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of External Auditing

Authors: Brenda Porter, David Hatherly, Jon Simon

3rd Edition

0470018259, 9780470018255

More Books

Students also viewed these Accounting questions