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Flip's Pizzeria Inc. has the following financial items for the current year: Advertising Expenses $50,000 Cost of Goods Sold $410,000 Other Operating Expenses $320,000 Sales

Flip's Pizzeria Inc. has the following financial items for the current year:

Advertising Expenses $50,000

Cost of Goods Sold $410,000

Other Operating Expenses $320,000

Sales $2,020,000

Cost of Equipment purchased during the year (10 year estimate useful life, 0 salvage value) $515,000

Calculate Flip's taxable liability for the current year

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