In the Income Statement, the amount of wages and salaries is $2,300,000. This includes total officer compensation

Fantastic news! We've Found the answer you've been seeking!

Question:

In the Income Statement, the amount of wages and salaries is $2,300,000.

This includes total officer compensation of $1,600,000. The president of the AA Co., Mrs. B, has a salary of $1,200,000 none of which is performance-based.

What amount should I fill in the Form-1120, Line-12, Compensation of officers? Explain it.

Related Book For answer-question

Financial Accounting Tools for business decision making

ISBN: 978-0470534779

6th Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

See More Books

Posted Date: Jan 30, 2021 04:16 PM

See More Questions

What is happening to the purchasing power of wages and salaries earned by U.S. workers? How are current labor market conditions and inflation rates affecting both nominal and real wages? Are workers...
The corporation tax charge in the income statement (profit and loss account) for Year 2 was 30m. The tax liability in the statement of financial position at the start of Year 2 was 6m. The tax...
In the Income Statement columns of the end-of-period spreadsheet (work sheet) for Steward Consulting Co. for the current year, the Debit column total is $675,450 and the Credit column total is...
The annual growth rate in EPS is 3%. The P/E ratio is 12x. EPS last year was $1.00. Calculate What should the stock price be in 4 years?
A 15-year loan requires month-end payments of $587.33 including interest at 8.4% compounded monthly. a. What was the original amount of the loan? b. What is the balance on the loan after half of the...
Pan Company issued 480,000 shares of $10 par common stock with a fair value of $10,200,000 for all the voting common stock of Set Company. In addition, Pan incurred the following costs: Legal fees to...
Reconsider the data from Problem 56. What is the capital recovery cost of Model 334A? Data from problem 56 Octavia Bakery is planning to purchase one of two ovens. The expected cash flows for each...
On October 31, the stockholders equity section of Pele Companys balance sheet consists of common stock $648,000 and retained earnings $400,000. Pele is considering the following two courses of...
IQ scores (as measured by the Stanford-Binet intelligence test) are normally distributed with a mean of 100 and a standard deviation of 16. What percentage of the population has an IQ score between...
Sendelbach Corporation is a U.S.-based organization with operations throughout the world. One of its subsidiaries is headquartered in Toronto. Although this wholly owned company operates primarily in...
Dallas Ltd, a new start-up company, has successfully developed anew ultra-light mobile phone that comes with a 20-megapixel frontand rear camera, 512 gigabyte of storage and has a 50% longerbattery...
Finance House ( FH ) sold an equipment, costing Rs . 6 0 , 0 0 0 , to a customer on installment sale basis on January 1 , 2 0 1 8 . Each installment of Rs . 4 0 , 0 0 0 will be received on every...
Disclaimer for any procedure-driven, calculation-involved questions below, please show problem-solving procedure to earn full credit. A human resource manager of a large company wants to determine...
Choose a case of financial fraud or financial misconduct that has happened lately. Identify examples of the three ingredients of the fraud triangle that were in place that allowed the fraud to take...
Flounder Corporation began operating as a business in 2 0 2 0 . During January 2 0 2 1 , the company paid $ 2 9 6 5 0 0 in design costs to develop its trademark and $ 2 4 4 0 0 0 in legal and...
On 2 / 2 , 2 / 2 , maintenance services were provided to the Rabwa facility for an amount of 1 6 0 , 0 0 0 , 1 6 0 , 0 0 0 , which was received by check.It is required to make daily entries and then...
Given the following, calculate the GDS ratio. All income and expense items are annual. Gross income $55,000 Bank account $1,000 Net income $38,000 Property taxes $3,600 Heating $4,800 Annual car...
Use integration by parts to evaluate the following. Check your answer by taking the derivative. x2e-xdx
What is the LIFO reserve? What are the consequences of ignoring a large LIFO reserve when analyzing a company?
Briefly describe some of the similarities and differences between GAAP and IFRS with respect to the accounting for inventories.
The stockholders equity section of Tootsie Roll Industries balance sheet is shown in the Consolidated Statement of Financial Position in Appendix A. You will also find data relative to this problem...
Outline the main factors that might influence the size of the profit mark-up set by a business.
When are increased profits in a managers personal interest?
A frequent complaint of junior and some senior managers is that they are frequently faced with new targets from above, and that this makes their life difficult. If their complaint is true, does this...

In the Income Statement, the amount of wages and salaries is $2,300,000. This includes total officer compensation

Question:

Expert Answer:

The amount of 1600000 is to be filled in the Form 1120 lin... View the full answer

Financial Accounting Tools for business decision making

Students also viewed these accounting questions