Piper industrial (PI) manufactures highly frofitable and its corporate tax rate is 20%. Cost of goods
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Question:
Cost of goods sold | $15000000 |
Expenses | $4700000 |
Gross profit (calculate) | X |
Interest | $1000,000 |
Net profit after interest and tax | $3440,000 |
Net profit before interest and tax | $53300000 |
Net profit before tax | $43,00,000 |
Sales revenue | $25000,000 |
Tax | Y |
a.) Define the term capital expenditure
b.) Using above table, calculate
i. Gross profit (X)
ii. Tax (Y)
c.) Using above table and your calculations in i, and ii construct the profit and loss account for PI?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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