1. Fly Green Airlines has the following record of earnings for the years 2006 through 2013.
a. Indicate the carryback/carry forward amounts.
b. Calculate the tax refund in 2011 if their tax rate during this time period has been 40%.
c. Indicate the carry forward, the taxable earnings, and tax liability for 2012 and 2013.
Year Taxable earnings
2006 $ 400,000
2007 500,000
2008 600,000
2009 400,000
2010 300,000
2011 1,500,000
2012 500,000
2. DirectJet has $500,000 of earnings before interest and taxes at the year end. Interest expenses for the year were $10,000. The airline expects to distribute $100,000 in dividends. Calculate the earnings after taxes for the airline assuming a 40 percent tax on ordinary income.
3. The BAA airport had a retained earnings balance of $850,000 at the beginning of 2012. By the end of 2012, the airport’s retained earnings balance was $950,000. During 2012, the airport earned $245,000 as net profits after paying its taxes. The airport was then able to pay its preferred stockholders $45,000. Compute the common stock dividend per share in 2012 assuming 10,000 shares of common stock outstanding.
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