Question
Susie Corp makes rubber chickens and has the following items in 2020. Gross Revenue: $150,000 Cost of Goods Sold: $60,000 Rent Expense: $15,000 Interest Expense:
Susie Corp makes rubber chickens and has the following items in 2020. Gross Revenue: $150,000 Cost of Goods Sold: $60,000 Rent Expense: $15,000 Interest Expense: $3000 Parking tickets: $1500 Business meals: $2500 Officer Life Insurance Premiums (Susie Corp is beneficiary): $5000 What is the corporations taxable income?
a. $69,250
b. None of these
c. $70,750
d. $69,500
e. $63,000
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The Routledge Companion To Auditing
Authors: David Hay, W. Robert Knechel, Marleen Willekens
1st Edition
1138363081, 978-1138363083
