An accountant for a corporation forgot to pay the firm's income tax of $725,604.42 on time. The government charged a penalty of 9.8% interest for the 41 days the money was late. Find the total amount (tax and penalty) that was paid. Assume 365 days in a year. $0. The total amount paid was $ (Round to the nearest cent as needed.)

An accountant for a corporation forgot to pay the firm's income tax of $725,604.42 on time. The government charged a penalty of 9.8% interest for the 41 days the money was late. Find the total amount (tax and penalty) that was paid. Assume 365 days in a year. $0. The total amount paid was $ (Round to the nearest cent as needed.)

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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