MyFinanceLab Ch. 3

MyFinanceLab Ch. 3 - MyFinanceLab Ch 3 Sales CGS = GP o GP...

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MyFinanceLab: Ch. 3 Sales – CGS = GP o GP – Op. Exp. (cash) – Dep. Exp. = Op. Profit o *Taxable dividend income: Div. income x (1-75%) See pg. 46 for where 75% came from See pg. 45 for tax rates o Taxable ordinary income: = Op. Profit + taxable dividend income – int. exp. o Tax liability: Tax. Income x tax rates First $50000 x .15, next $10000 x .25, etc. Ignore dividends paid for tax purposes o Average tax rate: Total tax liability/ tax. Income
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MyFinanceLab Ch. 3 - MyFinanceLab Ch 3 Sales CGS = GP o GP...

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