Clarkson Lumber CRA-GA1 v1.3+

Clarkson of 75000 in 1993 80000 in 1994 85000 in 1995

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Unformatted text preview: in 1994; $85,000 in 1995; and $22,500 in the first quarter of 1996. c Clarkson Lumber was required to estimate its income tax liability for the current tax year and pay four quarterly estimated tax installments during that year. The first $50,000 of pretax profits were taxed at a 15% rate; the next $25,000 were taxed at a 25% rate; the next $25,000 were taxed at a 34% rate; and profits in excess of $100,000 but less than $335,000 were taxed at a 39% rate. b d: Savings from purchase discounts Purchases Discounts taken at 2% 1996 Q2 1,180 $24 1996 Q3 1,180 $24 1996 Q4 1,102 $22 1996 Pecent Note Case page2 21% 21% of sales 93-95 Footnote d Footnote c Exhibit 2 Balance Sheets at December 31, 1993-1995, and March 31, 1996 (thousands of dollars) 1993 ASSESTS Cash Accounts receivable, net Inventory Current assets Property, net Total Assets 1994 1995 Q1 1996 Q2 1996 Q3 1996 Q4 1996 $43 306 337 $686 233 $919 LIABILITIES & NET WORTH Notes payable, bank Note payable to Holtz, current portionb Notes payable, trade Accounts payable Accrued expenses Term loan, current portionc Current liabilities Term loan Note payable, Mr. Holtzb Total Liabilities Net worth Total Liabilit...
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This note was uploaded on 02/24/2013 for the course BUS 134 taught by Professor Pro during the Spring '13 term at American Jewish University.

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