To complete their Income Statement, Sol Surfer Securities is trying to calculate Taxable Income (EBT) for the year. The firm had Net Income of $3,225 on Sales of $51,000.  The Cost of Goods Sold for the year were $39,800 and the firm had Interest Expense of $1,580.  If the Tax Rate was 35%, what was the amount of Taxable Income for the year?

 

options:

$5,375.00

$2,150.00

$1,736.54

$2,217.34

Answer rating: 100% (QA)

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