General's Inc. has the following financial items for the current year: Advertising Expenses $60,000 Cost of Goods Sold $640,000 Other Operating Expenses $540,000 Sales $2,245,000 Wages and Salaries $500,000 Capital Loss $40,000 Calculate General's taxable income for the current year. Answer is complete but not entirely correct. B D E 1 Taxable income (Net Operating Loss) $ 465,000 4 5 6 7 8 9 10 Flip's Pizzeria Inc. has the following financial items for the current year: Advertising Expenses $30,000 Cost of Goods Sold $440,000 Other Operating Expenses $315,000 Sales $2,025,000 Cost of Equipment purchased during the year (10 year estimate useful life, O salvage value) $560,000 Calculate Flip's taxable liability for the current year. Answer is complete but not entirely correct. A B C D E 1 2 Taxable Liability $ 11,840,000 3 4 5 6 7 8 9 10