The following data were taken from the records of LILO Corporation for the year ended December 31,

Question:

The following data were taken from the records of LILO Corporation for the year ended December 31, 2010:

Sales .....................900,000

Sales returns and allowances ........... 10,000

Selling and administrative expenses ........170,000

Cost of goods sold ................510,000

The income tax rate is ............... 35%.

Income statement of LILO Corporation for the year ended December 31, 2010:

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...