Sanderson, Inc. had sales of $3.1 million. The firm's cost of goods sold came to $2.0 million,
Question:
Sanderson, Inc. had sales of $3.1 million. The firm's cost of goods sold came to $2.0 million, its operating expenses excluding depreciation of $104,000 were $394,000, and the firm paid $147,000 in interest on its bank loans. Also, the corporation received $51,000 in dividend income (from a company in which it owned less than 20 percent of its shares) but paid $20,000
in the form of dividends to its own common stockholders. Use the corporate tax rates shown in the popup window, , to calculate the corporation's tax liability. What are the firm's average and marginal tax rates?
The firm's tax liability for the year is $nothing.
(Round to the nearest dollar.) The firm's average tax rate is nothing%.
(Round to two decimal places.) The firm's marginal tax rate is nothing%.
(Round to the nearest integer.)
Expert Answer:
