Consider the following data: Before Tax revenue = $22,500 Loan Principal Payment = $5,926 Loan Interest Payment = $2,400 MACRS Depreciation = $16,665 What is the taxable income?

Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter15: Preparing Adjusting Entries And A Trial Balance
Section15.4: Calculating Federal Income Tax
Problem 3AYU
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What is the taxable income? General Account.

Consider the following data:
Before Tax revenue = $22,500
Loan Principal Payment = $5,926
Loan Interest Payment = $2,400
MACRS Depreciation = $16,665
What is the taxable income?
Transcribed Image Text:Consider the following data: Before Tax revenue = $22,500 Loan Principal Payment = $5,926 Loan Interest Payment = $2,400 MACRS Depreciation = $16,665 What is the taxable income?
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