Work the following applied problems. 35. Tax Penalty An accountant for a corporation forgot to pay the firm's income tax of $650,000 on time. The government charged a penalty of 5.2% simple interest for the 30 days that the money was late. Find the total amount (tax and penalty) that was paid.
Work the following applied problems. 35. Tax Penalty An accountant for a corporation forgot to pay the firm's income tax of $650,000 on time. The government charged a penalty of 5.2% simple interest for the 30 days that the money was late. Find the total amount (tax and penalty) that was paid.
Chapter26: Tax Practice And Ethics
Section: Chapter Questions
Problem 35P
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Question
![Work the following applied problems.
35. Tax Penalty An accountant for a corporation forgot to pay
the firm's income tax of $650,000 on time. The government
charged a penalty of 5.2% simple interest for the 30 days that
the money was late. Find the total amount (tax and penalty)
that was paid.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff73336ba-b7a2-41c3-9bb8-e711f85d25de%2F655a1f19-d8a9-44bc-978c-c272776ec5ed%2Fc5tgkya_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Work the following applied problems.
35. Tax Penalty An accountant for a corporation forgot to pay
the firm's income tax of $650,000 on time. The government
charged a penalty of 5.2% simple interest for the 30 days that
the money was late. Find the total amount (tax and penalty)
that was paid.
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