calculate net income after the cooperate income tax is paid for quarter 2 from the following income statement. Calculate the net income after corporate incometax is paid for Quarter 2 from the following incomestatement. Use a corporate income tax rate of 21%.Net SalesCOGSGross ProfitQ1 (x1000)115(33)82Overhead(32)Pre-tax Income 50Q2(x1000)175(35)140(51)89Net Income = $ [?]Multiply your result by 1000 before entering.For example: 1.23 (x1000) = $1,230.Enter

Net income is the net profit or loss left after paying all expenses and allowances for an accounting…

Answered: calculate net income after the…

Business

Accounting

calculate net income after the cooperate income tax is paid for quarter 2 from the following income statement.

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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A vertical common-size income sheet expresses each category of the income statement as a percentage of A. assets. B. equity. C. revenue. D. operating income.
Using the tax rate schedule given here LOADING..., perform the following: a. Find the marginal tax rate for the following levels of sole proprietorship earnings before taxes: $ 15 000; $ 60 000; $ 90 000; $ 150 000; $ 250 000; $ 450 000; and $1 million. b. Plot the marginal tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis) $0 to $9,875 $0 (10% amount over $0) 9,876 to 40, 125 988 + (12% amount over 9, 876) 40, 126 to 85, 525 4,618 + (22% amount over 40, 126) 85,526 to 163, 300 14, 606 + (24% amount over 85, 526) 163, 301 to 207, 350 33, 272 + (32% amount over 163, 301) 207, 351 to 518, 400 47,368 (35% amount over 207, 351) 518,401 to Unlimited 156, 235 (37% amount over 518, 401)
how do i compute federal income tax salary gross earnings is $1750.00
Required: (a) You are required to calculate the following ratios:(i) Gross profit margin(ii) Operating profit margin(iii) Expenses to sales(iv) Return on Capital Employed(v) Asset turnover(vi) Non-current asset turnover(vii) Current Ratio(viii) Quick Ratio(ix) Inventory days(x) Receivables days(xi) Payable days(xii) Interest cover (b) In light of your calculations comment on the performance of the company over thelast two years.
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In step 2 how did you get the excess income tax of 19,520.00?
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