Homework Answers
c) $80,000
| Sales | $ 6,500,000 |
| COGS | $ 3,900,000 |
| Gross Income | $ 2,600,000 |
| Salaries | $ 900,000 |
| Operating Expense | $ 1,200,000 |
| Net income | $ 500,000 |
| Tax @ 21% | $ 105,000 |
| Less: Business Tax Credit | $ 25,000 |
| Tax Liability | $ 80,000 |
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In 2019, Fenwick Corporation (a C corporation) has $6,500,000 of sales, cost of goods sold of...
Exercise 11-22 In 2019, Tamarisk, Inc. had net sales of $600,000 and cost of goods sold...
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