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I need help with the first column, (Red Marks). Please notice that the rest of the columns (Green Checks) are already correct. XYZ is a
I need help with the first column, (Red Marks). Please notice that the rest of the columns (Green Checks) are already correct.
XYZ is a calendar-year corporation. For 2016, it reported the following information in its current year audited income statement. Notes with important tax information are provided below XYZ corp. Income statement For current year Book Income Revenue from sales Cost of Goods Sold $40,000,000 (27,000,000) $ 13,000,000 Gross profit Other Income Income from Investment In corporate stock Interest Income Capltal galns (losses) Galn or loss from disposltion of fixed assets Miscellaneous Income Gross Income 300,0001 20,0002 (4,000) 3,0003 50,000 $ 13,369,000 Expenses: Compensation Stock option compensation Advertising Repairs and Malntenance Rent Bad Debt expense Depreclation Warranty expenses Charltable donations Meals and entertalnment Goodwill Impalrment Organizatlonal expenditures Other expenses (7,500,000A (200,000)5 (1,350,000) (75,000) (22,000) (41,000)6 (1,400,0007 (70,000)8 (500,0009 (18,000) (30,000)10 (44,00011 (140,000)12 Total expenses Income before taxes Provision for Income taxes Net Income after taxes $ 1,979,000 (720,00013 $ 1,259,00014Step by Step Solution
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