Calculate FinCo's Net Income For Tax Purposes from business income based on the following set...
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Accounting
Calculate FinCo's Net Income For Tax Purposes from business income based on the following set of facts:
Revenues from sales $200,000
Expenses:
Salaries $120,000
Depreciation 8,000
Financing Fees 10,000
Meals & Entertainment 1,000
Net Income before tax $61,000
Tax Expense $10,000
Net Income $51,000
CCA $12,000
8 year old son earns $50,000 for odd jobs, would cost approximately $10,000 to hire someone else.
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You can see the logs in the Dashboard.