CH 10: Taxation - Overview of Federal Corporate Income T... Homework Due on March 8, 2021 17/17 answered Question 15 Homework Answered Nutter Company reported the following information on its financial statements. Assume the tax rate is 21%. What is Nutter's net income? Sales Cost of goods sold $62,000 ($12,000) Gross profit $50,000 Salaries ($6,000) Penalties ($500) Advertising ($1,500) Business meals with clients ($4,000) Federal income tax Net income ? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. $29,495 b $29,600 C $30,020 d $31,995 Answered-Incorrect. Question 16 I attempt left Your answer Resubmit Fullscreem