Question
The following information applies to the operations of MK Inc. for 2022 and 2023. Assume a tax rate of 30% for both years. 2022 information:
The following information applies to the operations of MK Inc. for 2022 and 2023. Assume a tax rate of 30% for both years.
2022 information:
Sales on account in the amount of $650,000
Warranty expense and associated liability in the amount of $105,000
No other expenses incurred.
2023 information:
Sales on account in the amount of $235,000
Warranty repairs made in the amount of $68,000
No expenses incurred.
What is MK's income tax expense for 2022?
The correct answer is 195,000 How was the answer 195,000 calculated?
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Internal Control And Internal Audit In Non Profit Organizations A Practical Model
Authors: Kamal Bayramov
1st Edition
6203464015, 978-6203464016
