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emmainna [20.7K]
3 years ago
8

Elgin Battery Manufacturers had sales of $1,000,000 in 2009 and their cost of goods sold represented 70 percent of sales. Sellin

g and administrative expenses were 10 percent of sales. Depreciation expense was $100,000 and interest expense for the year was $10,000. The firm's tax rate is 30 percent. What is the dollar amount of taxes paid
Business
1 answer:
xxTIMURxx [149]3 years ago
4 0

Answer:

$27,000

Explanation:

The dollar amount of taxes paid is the earnings before tax multiplied by the tax rate.

The earnings before tax=sales-costs of sale-selling and administrative expenses-depreciation expense-interest expense

sales is $1,000,000

costs of sales=$1000,000*70%=$700,000

selling and administrative expenses=10%*$1,000,000=$100,000

depreciation expense=$100,000

interest expense=$10,000

earnings before tax=$1,000,000-$700,000-$100,000-$100,000-$10,000=$90,000

taxes paid=$90000 *30%=$27,000

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