During the last year, XYZ Company had $3,300,000 in income for both sales and royalty payments. It had a sales staff of four, who received on average $83,000 in compensation (salary and benefits). The sales staff also received $45,000 in bonuses (total for all four). The rest of all staff - management, production, office - received total compensation amounting to $2,200,000. At the end of the year the company also had $225,000 in its checking account and customers owed XYZ a total of $270,000 (due within 30 days of the end of the year). The company also owed a total of $125,000 in unpaid federal and state taxes.

1. What is XYZ Company's income before income taxes?

2. What are XYZ Company's current assets?

3. What is XYZ Company's shareholder equity?

Answer rating: 100% (QA)

Lets break down the information step by step 1 Income before Income Taxes Income f... View the full answer