Problemelgin battery manufacturers had sales of 900000 in, Ask an Expert

Accounting

Problem:

Elgin battery manufacturers had sales of $900,000 in 2012 and their cost of goods sold represented 65% of sales. Selling and administrative expnese were 9% of sales. Depreciation expenses was $10,000 and interest expense for the year was $8,000. The firm's tax rate is 34%.

Required:

Question: What is the dollar amount of taxes paid?

151,200
64,800
73440

Note: Explain all calculation and formulas.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91172581

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