2. Sohar Company had a 40 percent tax rate. Given the following pre-tax amounts, what would be the income tax expense reported on the face of the income statement ?............................................................................ Sales $ 100,000 Depreciation expense11,000 Cost of goods sold60,000 Dividend revenue9,000 Salary expense8,000 Utilities expense1,000 Extraordinary loss10,000 Interest expense2,000
2. Sohar Company had a 40 percent tax rate. Given the following pre-tax amounts, what would be the income tax expense reported on the face of the income statement ?............................................................................ Sales $ 100,000 Depreciation expense11,000 Cost of goods sold60,000 Dividend revenue9,000 Salary expense8,000 Utilities expense1,000 Extraordinary loss10,000 Interest expense2,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2. Sohar Company had a 40 percent tax rate. Given the following pre-tax amounts, what would be the income tax expense reported on the face of the income statement ?............................................................................
Sales $ 100,000
Depreciation expense11,000
Cost of goods sold60,000
Dividend revenue9,000
Salary expense8,000
Utilities expense1,000
Extraordinary loss10,000
Interest expense2,000
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