Consider following information being for a manufacturing company: Revenues = $4,

Question

Consider following information being for a manufacturing company:

Revenues = $4,250,000 Labor expenses = $ 1,550,000 Material costs = $ 785,000 Depreciation = $ 332,500 Office supplies = $15,000 Debt interest expenses = $42,200 Rental expenses = $45,000 Proceeds from the sale of old cranes = $43,000

The sold cranes had a combined book value of $30,000 at the time of sale

. a. Determine the taxable income for 2013

b. Determine the taxable gains for 2013

c. Determine the amount of income taxes and gain taxes or loss credits for 2013

Explanation / Answer

a. the taxable income is- $1,437,200

b taxable gain is- 42,200

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