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3 years ago

Computing Income Taxes

Business

1 answer:

Anastaziya [24]3 years ago

5 0

Answer:

The corporation's tax liability is $ 228,820.

Explanation:

To calculate tax liability we first have to find net profit. Detail calculation is given below.

Net profit Calculation

Sales $ 3,130,000

cost of goods sold and the operating expenses ($ 2,080,000)

Interest expense ( $ 377,000)

Net profit $ 673,000

Tax liability Calculation

Income fall under Tax bracket of 34% ($75,001 to $10,000,0000 for corporate tax. No additional surtax will be charged as income do not fall under its net.

Tax liabilty = 673,000 * 34% = $ 228,820

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sineoko [7]

The correct answer should be Line of sight.

What then is your Line of sight?

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3 years ago

Purple Cab Company had 57,000 shares of common stock outstanding on January 1, 2021. On April 1, 2021, the company issued 27,000

natima [27]

Answer:

$3.58

Explanation:

Calculation to determine the basic earnings per share (rounded)

Using this formula

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3 years ago

In the Keynesian model, suppose the Fed wants to keep output unchanged. If the IS curve shifts to the left, and the Fed acts to

sergey [27]

Answer:

Have an expansionary monetary policy (shift LM curve to the right)

Explanation:

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4 years ago

Hofnim, Inc. had the following account balances on September 30, 2016. What is Hofnim's net income for the month of September

goldfiish [28.3K]

Answer:

$22750

Explanation:

Calculation for What is Hofnim's net income for the month of September

Hofnim's NET INCOME

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Less Miscellaneous Expense (19,700)

Less Rent Expense (5,100)

Less Wages Expense (16,450)

NET INCOME $22,750

Therefore the NET INCOME will be $22,750

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3 years ago

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kogti [31]

Answer:

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8 0

3 years ago