financial statements: develop How was the income tax @ 26%calculated to be ($258

Question

financial statements: develop How was the income tax @ 26%calculated to be ($2586)? I got 4181? But net income is 13495 Need help 1. Financial Statements: Develop an Income Statement, Cash Flo the provided data for year 20xx (the previous year) that follows. Expl statement. Statement, and Balance Sheet based on s. Explain the purpose of each financial a. Income Statement Data for 20xx: . Gross Sales=$33,291 Coupons and Discounts $549 ·Cost of Goods $10,276 Labor-30 (Mr. and Mr. Lee wer e the only ones working and did not pay themselves) advertising fees =$2000 . bank fees = $120 . phone/internet= $1200 . shipping= $1380 . utilities = $900 .office supplies $785 · Income tax = 26 % wer

Explanation / Answer

Answer:

This is an error with the printing. You are right the income tax will be $ 4181 only. $2586 will come if income tax rate is 16.08 % so there is an eror in printing and you are absolutely correct. Relax. Net Income will be $ 11900 only.

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