Answered step by step
Verified Expert Solution
Question
1 Approved Answer
BERNARDS BEER HAS SALES OF 2018 $65000, 2019 $78000 AND 2020 102000.COGS IS 66 PERCENT OF SALES EACH YEAR.EXPENSES ARE CONSTANT AT $10000 PER YEAR.TAX
BERNARDS BEER HAS SALES OF 2018 $65000, 2019 $78000 AND 2020 102000.COGS IS 66 PERCENT OF SALES EACH YEAR.EXPENSES ARE CONSTANT AT $10000 PER YEAR.TAX RATE IS 35 PERCENT FIRST TWO YEARS AND DROPS T0 21 PERCENT FOR 2020.SHOW ME THE INCOME STATEMENT FOR ALL THREE YEARS INCLUDING TAXES?
EXPLAIN WHAT BERNARD COULD DO OR SHOW ME IF IN 2020 HE HAD A $11000 LOSS?
( this Explain what.... I have to do the carryback and carryforward, what ever I did my numbers do not match with instructors numbers
for the Carryback he got $10017 and Carryforward $983? )
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started