How much tax is Bison Co's tax expense, if it has $365,000 in gross income realized, $10,000 interest on municipal bonds, $8,000 in tax credits, and $164,000 in deductions? Assume the tax rate is 21%. O $40,110 $32,110 O $30,530 $38,430 O None of the above

How much tax is Bison Co's tax expense, if it has $365,000 in gross income realized, $10,000 interest on municipal bonds, $8,000 in tax credits, and $164,000 in deductions? Assume the tax rate is 21%. O $40,110 $32,110 O $30,530 $38,430 O None of the above

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 6Q: What amount is payable to a state tax board if the original sales price is $3,000, and the tax rate...

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Question

How much tax is Bison Co.'s tax expense, if it has $365,000 in gross income realized, $10,000
interest on municipal bonds, $8,000 in tax credits, and $164,00O0 in deductions? Assume the tax rate
is 21%.
$40,110
$32,110
$30,530
O $38,430
None of the above

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