You were provided with the following balance sheet for Golden Cup firm for the year ended Dec 31st, 2015.
Consolidated Balance sheet Golden Cup.
As of Dec 31st, 2015
Total Current Assets
Property, Plant, and Equipment Goodwill
Total Fixed Assets Total Assets
Liabilities + Owners Equity Current Liabilities
Current Assets Cash
40,000 4,000 14,000 58,000
Accounts Payable Notes Payable Accrue Wages
Total Current Liabilities
Long term debt
12,000 6,000 1000 19,000
40,000 39,000 79,000 138,000
Retained Earnings Total Owners equity
138,000 Liabilities + O.E
In addition to that, you know the following facts about firm’s operations throughout the year:
1- Please set up income statement for Golden Cup: Consolidated Income Statement Golden Cup.
2- Ms. Janet McInish works as an elementary school teacher and has a taxable income from her job of $35,000. She inherited 10% of Golden Cup shares outstanding, and recently received her annual dividends.
a- What is the amount of annual dividends received by Ms. McInish?
b- What is Ms. McInish total tax liability if her tax status is (married filing together?
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