A "C" taxpayer , XYZ corporation had the following results for 2019 sales 10000 COGS 6000...
A "C" taxpayer , XYZ corporation had the following results for 2019
sales 10000
COGS 6000
municipal bond interest 1000
other deductible expenses 2000
net capital losses 5000
15) Taxable income is
a. 2000 b. (3000) c. 4000 d. (2000)
16) 2018 BOOK income for XYZ Corporation is
a. 2000 b. (3000) c. 4000 d. (2000) e. 0
Homework Answers
15. Correct answer is b. (3000)
| Computation of Taxable Income | |
| Sales | $10,000.00 |
| Less: COGS | -$6,000.00 |
| Income from Operating Income | $4,000.00 |
| Less: Other deductible expense | -$2,000.00 |
| Less: Net Capital Loss | -$5,000.00 |
| Book Income | -$3,000.00 |
16. Correct answer is d. -$2000
| Computation of Book Income | |
| Sales | $10,000.00 |
| Less: COGS | -$6,000.00 |
| Income from Operating Income | $4,000.00 |
| Add: Muncipal Bond Interest | $1,000.00 |
| Less: Other deductible expense | -$2,000.00 |
| Less: Net Capital Loss | -$5,000.00 |
| Book Income | -$2,000.00 |
Add Answer to:
A "C" taxpayer , XYZ corporation had the following results for
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