Income: Sales $945,000 ...
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Accounting
| Income: |
|
| Sales | $945,000 |
| Interest from State of New York Bonds | 3,400 |
| Life insurance proceeds (from policy carried on the life of recently deceased corporation president) | 100,000 |
| Refund of federal income tax from previous year | 12,000 |
| Dividends on Apple stock held as an investment | 5,000 |
| Treasury stock gains | 7,000 |
| Net 1231 gains | 2,000 |
|
|
|
| Losses and Expenses: |
|
| Charitable contributions | 70,000 |
| Net capital losses | 5,000 |
| Federal income taxes | 100,000 |
| Fines and penalties | 2,500 |
| Life insurance premiums on policy of recently deceased corporate president | 11,000 |
| Advertising in a political brochure | 600 |
| Interest on loan proceeds used to purchase State of New York Bonds | 2,800 |
| Business entertainment | 9,000 |
| Business meals | 3,000 |
| Other operating expenses | 503,000 |
|
What is Maxim Corporation's taxable income? Show all work |
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