Help please and can show correct answer Calculate the corporate income tax for Quarter 2 from the following income statement. Use a corporate income tax rate of 21%.| | Q1 (x1000) | Q2 (x1000) ||-------------------|------------|------------|| **Net Sales** | 112 | 174 || **COGS** | (18) | (32) || **Gross Profit** | 94 | 142 || **Overhead** | (31) | (53) || **Pre-tax Income**| 63 | 89 |**Corporate Income Tax = $ [?]**Multiply your result by 1000 before entering.For example: 1.23 (x1000) = $1,230. [Enter]---This instructional image features an income statement for Quarters 1 and 2, along with a prompt to calculate corporate income tax for Q2 using a tax rate of 21%. Each category from the income statement provides values in thousands (x1000):1. **Net Sales**: Total revenue from sales.2. **COGS (Cost of Goods Sold)**: Direct costs associated with production.3. **Gross Profit**: Revenue minus COGS.4. **Overhead**: Indirect recurring costs.5. **Pre-tax Income**: Earnings before tax (Gross Profit minus Overhead).The task is to calculate the corporate income tax based on the pre-tax income of $89,000 in Q2. To find the tax, multiply the pre-tax income by 21%, and then multiply by 1000 to convert to the actual dollar amount.

The net profit is calculated as operating profit less income tax. Net profit = Operating profit -…

Calculate the corporate income tax for Quarter 2 from the following income statement. Use a corporate income tax rate of 21%. Q1 (x1000) Q2(x1000) Net Sales 112 174 COGS (18) (32) Gross Profit 94 Overhead (31) (53) Pre-tax Income 63 89 Corporate Income Tax = $ [?] 142

Calculate the corporate income tax for Quarter 2 from the following income statement. Use a corporate income tax rate of 21%. Q1 (x1000) Q2(x1000) Net Sales 112 174 COGS (18) (32) Gross Profit 94 Overhead (31) (53) Pre-tax Income 63 89 Corporate Income Tax = $ [?] 142

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter6: Accounting For Financial Management

Section: Chapter Questions

Problem 3P

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Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.

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Help please and can show correct answer

Calculate the corporate income tax for Quarter 2 from the following income statement. Use a corporate income tax rate of 21%.

| | Q1 (x1000) | Q2 (x1000) |
|-------------------|------------|------------|
| **Net Sales** | 112 | 174 |
| **COGS** | (18) | (32) |
| **Gross Profit** | 94 | 142 |
| **Overhead** | (31) | (53) |
| **Pre-tax Income**| 63 | 89 |

**Corporate Income Tax = $ [?]**

Multiply your result by 1000 before entering.
For example: 1.23 (x1000) = $1,230.

[Enter]

---

This instructional image features an income statement for Quarters 1 and 2, along with a prompt to calculate corporate income tax for Q2 using a tax rate of 21%. Each category from the income statement provides values in thousands (x1000):

1. **Net Sales**: Total revenue from sales.
2. **COGS (Cost of Goods Sold)**: Direct costs associated with production.
3. **Gross Profit**: Revenue minus COGS.
4. **Overhead**: Indirect recurring costs.
5. **Pre-tax Income**: Earnings before tax (Gross Profit minus Overhead).

The task is to calculate the corporate income tax based on the pre-tax income of $89,000 in Q2. To find the tax, multiply the pre-tax income by 21%, and then multiply by 1000 to convert to the actual dollar amount.

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