Problemjackson associates a corporation had the following, Ask an Expert

Finance

Problem:

Jackson Associates, a corporation, had the following income and expenses for 2012. Present answers in good form - numbers with labels

Sales Revenue $470,000

Interest Income $8,000

Interest expense $18,000

Dividends received $9,000

Dividends paid $13,000

Operating expenses $250,000

Depreciation expense $15,000

Retained Earnings, 1/01/12 $230, 00

Requirements:

Question 1: What is the taxable income from 2012?

Question 2: What is the tax liability for 2012?

Question 3: What is the net income for 2012?

Question 4: What is the Retained Earning Balance 12/31/12?

Please justify your answer and also provide all calculations and formulas

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91146585

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