Martin Corp. had net income of $3,000,000 including a before-tax extraordinary loss of $200,000. Martin's tax...
Martin Corp. had net income of $3,000,000 including a before-tax extraordinary loss of $200,000. Martin's tax rate was 35%. What was income before extraordinary items and taxes?
Select one: a. $3,070,000 b. $4,815,385 c. $3,130,000 d. $4,615,385 e. $3,200,000
Homework Answers
The answer is B- 4,815,385
| Net Income | 3,000,000 |
| Tax Rate | 35% |
| Income Before Tax(3000000/(1-.35) | 4,615,385 |
| Extraordinary loss | 200,000 |
| Income before extraordinary items and taxes | 4,815,385 |
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