36. ABC Industries has the following acount balances:S 75.000$ 365,000$ 297,000$ 17,500Retained eamingsRevenueOperating ExpensesInterest ExpenseAssume an income tax rate of 20%. What is the amount of income tax expense to bereported on the corporate income statement?a)$ 13,600.b)$ 15.000.c)$ 10,100.d)S 73.000.

Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

36. ABC Industries has the following acount balances: Retained eamings Revenue Operating Expenses Interest Expense S 75,000 $ 365,000 $ 297,000 $ 17,500 Assume an income tax rate of 20%. What is the amount of income tax expense to be reported on the corporate income statement? a)$ 13,600. b)$ 15.000. c)$ 10,100. d)$ 73.000.

36. ABC Industries has the following acount balances: Retained eamings Revenue Operating Expenses Interest Expense S 75,000 $ 365,000 $ 297,000 $ 17,500 Assume an income tax rate of 20%. What is the amount of income tax expense to be reported on the corporate income statement? a)$ 13,600. b)$ 15.000. c)$ 10,100. d)$ 73.000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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am. 122.