XYZ corp started business on 1/1/2020XYZ corp has the following financial information for 2020revenues6,000,000COGS (lifo)3,400,000rent expense2,000,000depreciation (declining method)2,000,000other expenses1,500,000taxable income (loss)-2,900,000additional informationif fifo was used, COGS1,020,000if straight-line depreciation was used, depreciation expense800,000other expenses include the purchase of small equipments1,000,000distribution made to shareholders on june 15, 20201,280,000calculate the amount of earnings and profit for XYZ as of 12/31/2020

Firstly let us calculate the profit of XYZ corp. Particulars Amount…

Answered: taxable income (loss) -2,900,000

Business

Accounting

taxable income (loss) -2,900,000

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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10030.
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nkt.3
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