The following is information is from clark corporation’s financial records for the current fiscal year. i. cash received from customers, $255,000 ii. revenue earned, $230,000 iii. cash paid for wages, $115,000 iv. wage expense incurred, $110,000 v. cash paid during the current year for computers that will be used for 3 years, $30,000 vi. depreciation expense, $10,000 vii. proceeds from issuing debt (e. g., borrowed money from a bank), $30,000 viii. interest incurred on debt, $3,000 ix. cash paid for supplies, $2,000 x. supplies expense incurred, $4,000 what is the company’s net income for the current year using the cash-basis of accounting?

Tiana daniels enterprise’s trial balance as at december 31, 2016 did not balance. on february 15, 2017 the following errors were detected: errorsi. water rates had been undercast by $2, 000.  ii. a cheque paid to yvonne walch of $2, 680 had been posted to the credit side of her account.  iii. discount received total of $1, 260 had been posted to the debit side of the discount allowed account as $1, 620.  iv. rent paid in the amount of $24, 000 had been posted to the credit of the rent received account.  v. wayne returned goods valuing $1, 680 to daniels enterprise but had been completely omitted from the books.    required: 1. prepare the journal entries to correct the errors.  (narrations required)                    14.5 marks  2.    prepare the suspense account showing clearly the original trial balance error.          8 marks

On january 1, vermont corporation had 40,000 shares of $10 par value common stock issued and outstanding. all 40,000 shares has been issued in a prior period at $20.00 per share. on february 1, vermont purchased 3,750 shares of treasury stock for $24 per share and later sold the treasury shares for $21 per share on march 1. the journal entry to record the purchase of the treasury shares on february 1 would include a credit to treasury stock for $90,000 debit to treasury stock for $90,000 credit to a gain account for $112,500 debit to a loss account for $112,500

What is the state tax rate for a resident of arizona whose annual taxable income is $18,000?