10 Antignolo Enterprises, Inc. (a corporation) reported the following information for 2020.Don't consider any other information.Antignolo will pay Federal Income Tax on:Sales $380,000Cost of goods sold $Operating expenses $Interest ExpenseDividend income $250,000a. $b. $45,00085,00015,00073,000$c. $d. $44,00028,000130,00033,500Dividends paid $10,000e. $Net Income $33,500

Net income is calculated by deducting the operating expenses from operating revenues of the company.

Antignolo Enterprises, Inc. (a corporation) reported the following information for 2020. Don't consider any other information. Antignolo will pay Federal Income Tax on: a. $ b. $ Sales $ 380,000 Cost of goods sold $ Operating expenses $ Interest Expense 250,000 45,000 85,000 73,000 44,000 d. $ 130,000 2$ Dividend income $ 15,000 28,000 Dividends paid $ Net Income $ 10,000 e. $ 33,500 33,500

Antignolo Enterprises, Inc. (a corporation) reported the following information for 2020. Don't consider any other information. Antignolo will pay Federal Income Tax on: a. $ b. $ Sales $ 380,000 Cost of goods sold $ Operating expenses $ Interest Expense 250,000 45,000 85,000 73,000 44,000 d. $ 130,000 2$ Dividend income $ 15,000 28,000 Dividends paid $ Net Income $ 10,000 e. $ 33,500 33,500

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 48P

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