Mr. lion, who is in the 37 percent tax bracket, is the sole shareholder of toto inc., which manufactures greeting cards. toto’s average annual net profit (before deduction of mr. lion’s salary) is $350,000. for each of the following cases, compute the income tax burden on this profit. (ignore any payroll tax consequences.) mr. lion’s salary is $100,000, and toto pays no dividends. mr. lion’s salary is $100,000, and toto distributes its after-tax income as a dividend. toto is an s corporation. mr. lion’s salary is $100,000, and toto makes no cash distributions. assume toto's ordinary income qualifies for the 20 percent qbi deduction. toto is an s corporation. mr. lion draws no salary, and toto makes no cash distributions. assume toto's ordinary income qualifies for the 20 percent qbi deduction. toto is an s corporation. mr. lion draws no salary, and toto makes cash distributions of all its income to mr. lion. assume toto's ordinary income qualifies for the 20 percent qbi deduction.

Price and efficiency variances, journal entries. the schuyler corporation manufactures lamps. it has set up the following standards per finished unit for direct materials and direct manufacturing labor: direct materials: 10 lb. at $4.50 per lb. $45.00 direct manufacturing labor: 0.5 hour at $30 per hour 15.00 the number of finished units budgeted for january 2017 was 10,000; 9,850 units were actually produced. actual results in january 2017 were as follows: direct materials: 98,055 lb. used direct manufacturing labor: 4,900 hours $154,350 assume that there was no beginning inventory of either direct materials or finished units. during the month, materials purchased amounted to 100,000 lb., at a total cost of $465,000. input price variances are isolated upon purchase. input-efficiency variances are isolated at the time of usage. 1. compute the january 2017 price and efficiency variances of direct materials and direct manufacturing labor. 2. prepare journal entries to record the variances in requirement 1. 3. comment on the january 2017 price and efficiency variances of schuyler corporation. 4. why might schuyler calculate direct materials price variances and direct materials efficiency variances with reference to different points in time

At april 1, 2019, the food and drug administration is in the process of investigating allegations of false marketing claims by hulkly muscle supplements. the fda has not yet proposed a penalty assessment. hulkly’s fiscal year ends on december 31, 2018. the company’s financial statements are issued in april 2019. required: for each of the following scenarios, determine the appropriate way to report the situation. 1. management feels an assessment is reasonably possible, and if an assessment is made an unfavorable settlement of $13 million is reasonably possible. 2. management feels an assessment is reasonably possible, and if an assessment is made an unfavorable settlement of $13 million is probable. 3. management feels an assessment is probable, and if an assessment is made an unfavorable settlement of $13 million is reasonably possible. 4. management feels an assessment is probable, and if an assessment is made an unfavorable settlement of $13 million is probable.

The huntington boys and girls club is conducting a fundraiser by selling chili dinners to go. the price is $7 for an adult meal and $4 for a child’s meal. write a program that accepts the number of adult meals ordered and then children's meals ordered. display the total money collected for adult meals, children’s meals, and all meals.