The Dot Corporation has changed its year-end from a calendar year-end to an August 31 fiscal year end. The income for its short period from January 1 to August 31 is $48,000. The tax for this short period is: (Points : 1) $4,800 $7,200 $8,667 $12,000

From the records of Tom, a cash basis sole proprietor, the following information was available: (i) Gross receipts $29,600, (ii) Dividend income (on personal investments) $200, (iii) Cost of sales $15,400, (iv) Other operating expenses $3,000, and (v) State business taxes paid $300. What amount should Tom report as net earnings from self-employment? (Points : 1)

$10,900 $11,200 $11,400 $14,400 None of the choices provided