TNR Corporation is preparing its budgeted income statement for the month of August. Budgeted sales...
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Accounting
TNR Corporation is preparing its budgeted income statement for the month of August. Budgeted sales are $18,000. Cost of goods sold is twice the amount of operating costs, and operating costs plus cost of goods sold equals 40% of net income. Return on sales (net income / sales) is anticipated to be 50%. TNR does not have any nonoperating items on its income statement. TNRs expected income tax rate is:
Group of answer choices
37.5%
30.0%
None of the above (but can be determined)
Cannot be determined
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