Question 9 6 Points Assume that Greggs Corporation had sales during the past year of...
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Accounting
Question 9 6 Points Assume that Greggs Corporation had sales during the past year of $5,000,000 its cost of goods sold was $3,000,000: and it incurred operating expenses of $950,000. In addition it received $185,000 in interest income. In turn it paid $40,000 in interest. Calculate the corporation's tax liability by using the corporate tax rate structure below: Corporate Tax Rates 15% $0-$50,000 25% $50,001-$75,000 34% $75,001-$10,000,000 35% over $10,000,000 Additional surtax: 5% on income between $100,000 and $335,000 3% on income between $15,000,000 and 518,333,333
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