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Hint you must first determine the companys federal

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Unformatted text preview: this %: $ 0.00 7,500 13,750 22,250 15% 25% 34% 39% Of the amount over: $0 50,000 75,000 100,000 Following is a portion of Rogers Company income statement. Given this information and the tax schedule above, what is the company's net income? (Hint: you must first determine the company's federal income tax.) Sales $95,000 Cost of goods sold ($42,000) Gross profit $53,000 Salaries ($10,000) Utilities ($1,000) Rent ($14,000) Penalties ($1,000) Federal income tax Net income a $22,800 b $22,950 c $24,200 d $23,800 e None of the above 6 Which of the following is a true statement? a Tax credits are subtracted before determining taxable income. b Tax exclusions are more valuable to a company than tax deductions. c Every expense allowed for financial statements is also allowed to be deducted when determining taxable income. d "Taxable income" is the amount owed to the government in tax. e Tax exclusions and tax deductions are of equal value to a business. 7 Sare Corp. is considering investing in a new p...
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