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Sigma Enterprises Income Type Reported Amount Correct Amount Sales Revenue $3,500,000 $3,200,000 Interest Income $100,000 $120,000 Other Income $200,000 $180,000 Requirement: Recalculate the taxable income

Sigma Enterprises

Income Type

Reported Amount

Correct Amount

Sales Revenue

$3,500,000

$3,200,000

Interest Income

$100,000

$120,000

Other Income

$200,000

$180,000

Requirement: Recalculate the taxable income and determine the correct tax liability at a corporate tax rate of 25%. Explain the necessary adjustments.


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