1. What is the tax due and payable amount in fiscal year 20x1? Fiscal year June 20, 20x1 (5th year) 20x2 Sales 80,000,000 75,000,000 Cost of Sales 50,000,000 46,875,000 Allowable Deductions excluding NOLCO 32,000,000 25,000,000 2. Using the information above, how much is tax due in fiscal year 20x2?
1. What is the tax due and payable amount in fiscal year 20x1? Fiscal year June 20, 20x1 (5th year) 20x2 Sales 80,000,000 75,000,000 Cost of Sales 50,000,000 46,875,000 Allowable Deductions excluding NOLCO 32,000,000 25,000,000 2. Using the information above, how much is tax due in fiscal year 20x2?
Chapter20: Corporations And Partnerships
Section: Chapter Questions
Problem 15DQ: LO.5 Beige Corporation has a fiscal year ending April 30. For the year ending April 30, 2018, Beige...
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1. What is the tax due and payable amount in fiscal year 20x1?
Fiscal year June 20, 20x1 (5th year) | 20x2 | |
Sales | 80,000,000 | 75,000,000 |
Cost of Sales | 50,000,000 | 46,875,000 |
Allowable Deductions excluding NOLCO | 32,000,000 | 25,000,000 |
2. Using the information above, how much is tax due in fiscal year 20x2?
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