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RideAnS [48]
3 years ago
11

Cullumber Company had a 40 percent tax rate. Given the following pre-tax amounts, what would be the income tax expense reported

on the face of the income statement? Sales revenue $ 1100000 Cost of goods sold 617000 Salaries and wages expense 80400 Depreciation expense 119000 Dividend revenue 89500 Utilities expense 10600 Discontinued operations loss 99100 Interest expense 19200
Business
1 answer:
Nataliya [291]3 years ago
3 0

Answer:

$101,520

Explanation:

Income statement will be made as follows:

                                                   $

Sales Revenue                     1100000

Less: COGS                          (617000)

Gross Profit                            483000

Less: Salaries & Wages         (80400)

Less: Depreciation exp.         (119000)

Less: Utilities exp.                   (10600)

Less: Interest expense            (19200)

Earning before tax                  253800

<u><em>Less:</em></u><u><em> </em></u><u><em>Tax(40%)</em></u><u><em>                          </em></u><u><em>(101520)</em></u>

<u><em></em></u>

Hope this helps.

Good luck buddy.

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