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Generals Inc. has the following financial items for the current year Advertising Expenses $80,000 Cost of Goods Sold $610,00
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Answer #1
Computtion of Taxable Income
Sales $2,090,000.00
Less: Cost F Goods Sold -$610,000.00
Gross Profit $1,480,000.00
Less:
Wages And Salaries -$430,000.00
Advertising Expense -$80,000.00
Other Operating Expense -$405,000.00
Net Operating Income $565,000.00
Taxable Income $565,000.00
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