Required Information [The following information applies to the questions displayed below.) Sharon Inc. is headquartered...

80.2K

Verified Solution

Question

Accounting

image

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: Sharon Inc. Carol Corp. Josey Corp. Janice Corp. State X State Y State Z S tate Z Domicile State (throwback) (throwback) (nonthrowback) (nonthrowback) Dividend income $ 1,200 $ 285 $ 490 $ 535 Business income $60,200 $ 53,000 $17,100 $10,600 Sales: State X $90,500 $ 17,700 $13,900 $15,800 $ 55,750 $ 6,450 $ 21,000 $20,500 $16,900 State A $20,300 $10,300 $16,200 Property: $63,250 $ 25,800 $19,000 $103,250 $40,750 $40,250 $56,750 Payroll: $11,200 $ 13,200 $ 44,750 $ 7,800 $17,100 $13,500 State Y State z in in in in in titit rttittiitit TTTTTTTP inn n n Compute the following for State X assuming a tax rate of 15 percent. (Use an equally welghted 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. & Answer is complete but not entirely correct. Sharon Carol State X Apportionment factors 0.7581 0.2050 0.0000 0.2680 % Josey Janice

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students