MGMT 5123 Week 1 MyFinanceLab Assignment

P3-8 (Corporate Income Tax) G.R Edwin Inc had sales of $5.85 million during the past year. The cost of goods sold amounted to $2.5 million. Operating expenses totalled $2.47 million, and interest expenses were $24,000. Use the corporate tax rates shown in the popup window, to determine the firm’s tax liability. What are the firm’s average and marginal tax rates?

P3-13 (Corporate Income Tax) Boisjoly Productions had taxable income of $19.9 million.

  1. Calculate Boisjoly’s federal income taxes using the tax table shown in the popup window.
  2. Now calculate Boisjoly’s average and marginal tax rates.

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Course: MGMT 5123 Finance & Accounting for Non Finance Managers
School: Southern Wesleyan University

  • 17/10/2017
  • 12
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