An accountant for a corporation forgot to pay the firm's income tax of $725,718.89 on time. The government charged a penalty of 7.8% interest for the 43 days the money was late. Find the total amount (tax and penalty) that was paid. Assume 365 days in a year 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 $725,718.89 on time. The government charged a penalty of 7.8% interest for the 43 days the money was late. Find the total amount (tax and penalty) that was paid. Assume 365 days in a year The total amount paid was (Round to the nearest cent as needed.)
Chapter14: Taxes On The Financial Statements
Section: Chapter Questions
Problem 27P
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![An accountant for a corporation forgot to pay the firm's income tax of $725,718.89 on time. The government charged a penalty of 7.8% interest for the 43 days the money was late. Find the total
amount (tax and penalty) that was paid. Assume 365 days in a year
The total amount paid was $
(Round to the nearest cent as needed.)
CELLS](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2e97f204-d782-4118-9870-a6822adac574%2Fe333f609-4ab3-483c-8c30-3a61b74470ab%2Fj9yjzc8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:An accountant for a corporation forgot to pay the firm's income tax of $725,718.89 on time. The government charged a penalty of 7.8% interest for the 43 days the money was late. Find the total
amount (tax and penalty) that was paid. Assume 365 days in a year
The total amount paid was $
(Round to the nearest cent as needed.)
CELLS
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