Question
An accountant for a corporation forgot to pay the firm's income tax of $725,622.73 on time. The government charged a penalty of 7.8% interest
An accountant for a corporation forgot to pay the firm's income tax of $725,622.73 on time. The government charged a penalty of 7.8% interest for the 51 days the money was late. Find the total amount (tax and penalty) that was paid. Assume 365 days in a year. The total amount paid was $ (Round to the nearest cent as needed.)
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
13th Edition
9780470374948, 470423684, 470374942, 978-0470423684
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