Solved: Canteen received only 8000 in cash as a result of the, Accounting Basics

+44 141 628 6080
[email protected]

Canteen received only 8000 in cash as a result of the

Question - Canteen, Inc., a US corporation, owns 100% of NewGrass, Ltd., a foreign corporation. NewGrass earns only general limitation income. During the current year, NewGrass paid Canteen a $10000 Dividend. The 902 credit associated with this dividend is $3000. The foreign jurisdiction requires a withholding tax of 20%, so Canteen received only $8000 in cash as a result of the dividend. What is Canteen's total US gross income reported as a result of the $8000 cash dividend?

View Complete Question

Solution Preview :

Prepared by a verified Expert

Accounting Basics: Canteen received only 8000 in cash as a result of the

Reference No:- TGS02615875

Now Priced at $20 (50% Discount)

Recommended (93%)

Rated (4.5/5)

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Accounting Basics

Q : The equipments salvage value is zero and jack uses

question - jacks custom manufacturing company is considering three new projects each requiring an equipment investment

Q : Limpho wins a lottery of 1 000000she decides to buy herself

limpho wins a lottery of 1 000000she decides to buy herself a new range rover for 850000 and takes it to church for the

Q : Why were the talents distributed based upon ability why are

assignmentagain it will be like a man going on a journey who called his servants and entrusted his wealth to them to

Q : Often when people learn about accord and satisfaction they

often when people learn about accord and satisfaction they wonder whether someone could use it to pay off a credit card

Q : Canteen received only 8000 in cash as a result of the

question - canteen inc a us corporation owns 100 of newgrass ltd a foreign corporation newgrass earns only general

Q : Identifying sources of equity stock issuance and dividends

question identifying sources of equity stock issuance and dividends treat comfort specialists inc reported the

Q : What is your annualized percentage rate of return from the

suppose you have 38000 to invest yoursquore considering miller-moore equine enterprises mmee which is currently selling

Q : Emissions of nitrogen oxides which are major constituents

emissions of nitrogen oxides which are major constituents of smog can be modeled using a normal distribution let x

Q : The cost of the direct materials that can be used to

problemwhat is the predetermined manufacturing overhead ratethe cost of the direct materials that can be used to

1942592

Questions
Asked

3,689

Active Tutors

1419694

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Asked Questions

Why does victor coin the term hyper-violence

Why does victor coin the term hyper-violence instead of just using violence? And second, how is hyper-violence display in the Oakland community?

Discuss statements about sociological approaches

Question: Which of the following statements about sociological approaches are true?

What is meant by indigenismo

Question: What is meant by indigenismo (Keywords in Week 2)? What is las cronicas de castas (Cope)?

Review the real-life cat and mouse chase

Real-Life Cat and Mouse Chase: Understanding the Perceptions and Attitudes of Street Vendors of Metro Manila towards MMDA Regulation No. 03-004

Discussion about idea of the tramp stamp

Jane is doing a study about tattoos. She is interested in studying the idea of the "tramp stamp" (a tattoo in the small of a woman's back).

How is it rational for the owner of a factory or plantation

How is it rational for the owner of a factory or plantation to work his laborers to death or disability when they can easily be replaced cheaply?

Symbolic interactionism took off as a theoretical approach

Question: Symbolic interactionism took off as a theoretical approach to the study of deviance during the 1960s