Need help with this general accounting question not use ai please don't Major Retail Store had $2,100,000 in sales revenue, with a cost of goods sold(COGS) of $800,000. Additionally, the store received $5,000 in corporate bondinterest and $7,000 in interest on Texas State bonds. It paid $600,000 insalaries and incurred $700,000 in other operating expenses.Required:Calculate Major Retail Store's taxable income.

Step 1: Define Taxable IncomeTaxable income is the portion of a company's income that is subject to…

Answered: Major Retail Store had $2,100,000 in…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter15: Choice Of Business Entity—other Considerations

Section: Chapter Questions

Problem 72P

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Please provide correct answer financial accounting
Redlands Inc. reported the following generally accepted accounting principles (GAAP) income statement through pretax income: Sales revenues $100 Operating expenses 85 Operating income 15 Bond revenue 10 Pretax income $25 The $10 bond revenue reported was from interest earned on a municipal bond investment. GAAP requires firms to report municipal bond revenue on their income statements, but municipal bond revenue is not subject to taxation under income tax laws. Redlands collected $95 cash from sales revenues. It recorded an account receivable asset on its balance sheet for the $5 uncollected portion. Income tax law only requires a firm to declare revenue from sales collected in cash on its current income tax return. The statutory (legal) income tax rate was 20%. Using the information above, complete the following income tax return. Complete Redlands’ income tax return. Report Redlands’ deferred income tax…
I want to correct answer general accounting question
The Lansing Corporation provides you with the following information for the year ended 12/31/24: Sales revenue 450,000 Cost of goods sold 120,000 Gross margin 330,000 Depreciation expense 72,750 Pension expense 28,500 Other expense 38,250 Interest expense 4,500 Gain on the sale of equipment (3,000) Income tax expense 97,500 238,500 Net Income 91.500 12/31/23 12/31/24 Cash 24,000 54,000 Accounts Receivable 75,000 70,500 Inventory 124,500 126,000 Equipment 127,500 123,000 Accumulated Depreciation (9,000) (10,500) Total 342.000 363.000 Accounts Payable 54,000 69,000 Income Taxes Payable 99,000 72,000 Interest Payable 3,000 1,500 Notes Payable, long term 45,000 ° Accrued Pension Liability 6,000 3,000 Deferred Tax Liability 21,000 27,000 Common Stock, no par 105,000 120,000 Retained Earnings 9,000 70,500 Total 342,000 363,000 Additional information: Equipment costing $73,500 was sold for $5,250. New equipment was purchased, and $15,000 of common stock was issued in partial payment for the…

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