Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. (computing income taxes) sandersen inc. sells mini

(Computing income taxes) Sandersen Inc. sells minicomputers. During the past year, the company's sales were...

60.1K

Verified Solution

Question

Finance

image
image
(Computing income taxes) Sandersen Inc. sells minicomputers. During the past year, the company's sales were $3.14 million. The cost of its merchandise sold came to $1.92 million, and cash operating expenses were $370,000; depreciation expense was $98,000, and the firm paid $145,000 in interest on its bank loans. Also, the corporation paid $21,000 in the form of dividends to its own common stockholders. Calculate the corporation's tax liability by using the corporate tax rate structure in the popup window, The corporation's tax liability is $ (Round to the nearest dollar.) \begin{tabular}{lr} \hline Corporate Tax Rates & \\ \hline 15% & $0$50,000 \\ 25% & $50,001$75,000 \\ 34% & $75,001$10,000,000 \\ 35% & over $10,000,000 \end{tabular} Additional surtax: - 5% on income between $100,000 and $335,000 - 3% on income between $15,000,000 and $18,333,333 (Click on the icon located on the top-right comer of the data table above in order to copy its contents into a spreadsheet.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

1 Of the ten stages of genocide identify the steps from the Bosnian genocide and...

Biology
Q

ALLEN CAREER INSTITUTE HOTA CAMASTHAND TARGET PRE MEDI Three equal weights A B and C...

Physics
Q

Use a formula to find the sum of the following arithmetic series.1+2+3+4+ ... +34The sum...

Basic Math
Q

As a project for math class two students devised a game in which 3 black...

Calculus
Q

Consider the function the following rational function 10 8 6 8 4 2 4 2...

Calculus
Q

4. Which category in ABC Analysis will get the most attention to get the Forecast...

Accounting
Q

Prepare a horizontal analysis of the accounts below in both dollar amounts and percentages. Show...

Accounting
Q

AC Score: 0 of 2 pts 2 of 4 (3 complete) HW Score: 80%, 8...

Accounting
Q

Net present value Quark Industries has a project with the following projected cash flows: Initial...

Accounting
Q

Lori Hayes operates a bed and breakfast hotel. Depreciation on the hotel is $60,000 per...

Accounting
Q

On January 1, 2018, Sledge had common stock of $250,000 and retained earnings of $390,000....

Accounting
Q

23. Home Depots Equity Multiplier and Net Profit (Profit Margin) ratios in 2018 are 30.63...

Finance