Homework Answers
Sales 4,100,000
Gross Profit 1,150,000
Operating Expenses 498,000
Depreciation 352,000
Dividend Income 11,800
Net Income 311,800
Calculation of Corporate Tax :
Up to $50000 - 15% - $ 7500
$50001 - $ 75000 - 25% - $ 6250
$75001 - $311800 - 34% - 80512
Total - $ 94262
Additional Surtax -
5% -of $94262 - 4713 (round off)
Net Tax Liability - 98975
Net Operating Profit : $212825
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