Carol uses this graduated tax schedule to determine how much income tax she owes.
if taxable income is over- but not over-
the tax is:
$o
$7.825
$31,850
$64.250
$7,825
$31,850
$64.250
$97.925
10% of the amount over $0
$782.50 plus 15% of the amount over 7,825
$4,386 25 plus 25% of the amount over 31,850
$12,486 25 plus 28% of the amount over
64.250
$21.915.25 plus 33% of the amount over
97.925
$47.300.50 plus 35% of the amount over
174,850
$97.925
$174,850
$174.850
no limit
if carol's taxable income is $89,786, how much income tax does she owe, to the nearest dollar?
a. $25,140
b. $12,654
c. $19,636
d. $37,626
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Miko willingly admits that she is not an accountant by training. she is concerned that her balance sheet might not be correct. she has provided you with the following additional information. 1. the boat actually belongs to miko, not to skysong, inc.. however, because she thinks she might take customers out on the boat occasionally, she decided to list it as an asset of the company. to be consistent, she also listed as a liability of the corporation her personal loan that she took out at the bank to buy the boat. 2. the inventory was originally purchased for $27,500, but due to a surge in demand miko now thinks she could sell it for $39,600. she thought it would be best to record it at $39,600. 3. included in the accounts receivable balance is $11,000 that miko loaned to her brother 5 years ago. miko included this in the receivables of skysong, inc. so she wouldn’t forget that her brother owes her money. (b) provide a corrected balance sheet for skysong, inc.. (hint: to get the balance sheet to balance, adjust stockholders’ equity.) (list assets in order of liquidity.)