Question
Last year the sales at a corporation were $411,000 and were all cash sales. The expense at Summit were $255,500 and were all cash expenses.
Last year the sales at a corporation were $411,000 and were all cash sales. The expense at Summit were $255,500 and were all cash expenses. The tax rate was 30%. The after-tax net cash inflow at Summit last year was:
$155,500
$46,650
$108, 850
$411,000
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Intermediate Accounting principles and analysis
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
2nd Edition
978-0471737933
