You are finishing your 3rd year in business with $520,000 of gross income and $270,000 in deductions. Two years ago, you had a net loss of $94,000 and last year, you had a net loss of $70,000. Calculate your taxable income for this year. B D E 1 2 Thable Income Book 3 Print 4 wrences 5 7 8 10 6 1.25 points Flip's Pizzeria Inc. has the following financial items for the current year: Advertising Expenses $75,000 Cost of Goods Sold $780,000 Other Operating Expenses $495,000 Sales $2,285,000 Wages and Salaries $340,000 Capital Gain $30,000 Calculate Flip's taxable income for the current year. eBook Print B E 1 References 2 Taxable income (Net Operating Loss) 3 4 5 6 7 8 9 10 7 1.25 points General's Inc. has the following financial items for the current year: Advertising Expenses $65,000 Cost of Goods Sold $655,000 Other Operating Expenses $475,000 Sales $2,265,000 Wages and Salaries $560,000 Capital Loss $30,000 Calculate General's taxable income for the current year. eBook Print References 1 2 Taxable income (Net Operating Loss)- 3 4 DO 1.25 points Flip's Pizzeria Inc. has the following financial items for the current year: Advertising Expenses $40,000 Cost of Goods Sold $420,000 Other Operating Expenses $310,000 Sales $2,410,000 Cost of Equipment purchased during the year (10 year estimate useful life, O salvage value) $575,000 Calculate Flip's taxable liability for the current year. eBook Print B D E References 1 2 Taxable Liability 3 4 5