Flip's Pizzeria Inc. has the following financial items for the current year: Advertising Expenses $85,000 Cost of
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Flip's Pizzeria Inc. has the following financial items for the current year:
Advertising Expenses $85,000
Cost of Goods Sold $615,000
Dividend Income (Flip owns less than 20% of the other corporation) $2,000
Interest Expense $12,000
Municipal Bond Interest Income $8,000
Other operating expenses $460,000
Sales $2,820,000
Wages and salaries $430,000
Calculate Flip's taxable income for the current year.
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