1. A company operating since 2010, reported its income statement for the year 2018 as follows: Sales ..3,300,000 Cost of sales. Gross income. 1.720.000 .1,580,000 Operating Expenses.. Net Income. 1.100,000 480,000 If the company is a sole proprietorship and using the 8% Gross Receipts Tax Income Tax is: a. 126,400 b. 38,400 c. 264,000 d. Answer not given - 50,000
1. A company operating since 2010, reported its income statement for the year 2018 as follows: Sales ..3,300,000 Cost of sales. Gross income. 1.720.000 .1,580,000 Operating Expenses.. Net Income. 1.100,000 480,000 If the company is a sole proprietorship and using the 8% Gross Receipts Tax Income Tax is: a. 126,400 b. 38,400 c. 264,000 d. Answer not given - 50,000
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter2: Financial Statements And The Annual Report
Section: Chapter Questions
Problem 2.8E: Income Statement Ratio The income statement of Holly Enterprises shows operating revenues of...
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