ABC Inc., a calendar year retailer that sold ice skates, had the following amounts at December 31, 2020: Net Sales $938,500 COGS 475,300 Operating 123,700 Expenses Other Income and (expense) 10,200 Other Comprehensive Loss (4,400) Current taxes 20,800 payable Net Income 221,900 What was ABC's provision for income taxes? $107,800 $117,600 $127,800 $123,400
ABC Inc., a calendar year retailer that sold ice skates, had the following amounts at December 31, 2020: Net Sales $938,500 COGS 475,300 Operating 123,700 Expenses Other Income and (expense) 10,200 Other Comprehensive Loss (4,400) Current taxes 20,800 payable Net Income 221,900 What was ABC's provision for income taxes? $107,800 $117,600 $127,800 $123,400
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Question
ABC Inc., a calendar year retailer that sold ice skates, had the following amounts at December 31, 2020:
Net Sales
$938,500
COGS
475,300
Operating
123,700
Expenses
Other Income and (expense)
10,200
Other
Comprehensive Loss
(4,400)
Current taxes
20,800
payable
Net Income
221,900
What was ABC's provision for income taxes?
$107,800
$117,600
$127,800
$123,400
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