70.2K
Verified Solution
Link Copied!
WCalculate taxable income (IRS), taxes payable (IRS) and tax expense (USGAAP)
1/1/13 12/31/19 684,375 INCOME STATEMENT Cash Sales Credit Sales Installment Sales $ $ $ $ $ $ $ 12/31/13 711,750 $ - $ $ 711,750 $ 12/31/14 711,750 $ - $ $ 711,750 $ 12/31/15 711,750 $ $ $ 711,750 $ 12/31/16 109,500 $ $ $ 109,500 $ 12/31/17 766,500 $ $ $ 766,500 $ 12/31/18 657,000 $ - $ $ 657,000 $ Total Revenues $ 684,375 602,250 - Operating Expenses Gain/Loss Bad Debt Expenses (25% of Credit Sales) Warranty Expenses (0% of Revs) Depreciation Expense EBT (Pre-tax Financial Income) Tax Rates $ $ $ $ $ $ $ - $ $ - $ $ 0.00% 602,250 $ $ $ $ $ 109,500 $ 30.00% 602,250 $ $ - $ $ $ 109,500 $ 40.00% 602,250 $ 602,250 $ - $ $ $ $ - $ $ $ $ 109,500 $ (492,750) $ 21.00% 21.00% 602,250 $ - $ $ $ $ 602,250 $ $ $ $ $ 54,750 $ 21.00% $ 164,250 $ 21.00% 82,125 21.00%
Answer & Explanation
Solved by verified expert
