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Use the following to answer the question: In 20D, Malcom Corporation reported the following information: Income Statement (dollars) Sales Revenue 8,200,000 Cost of goods sold 6,400,000 ___________

Use the following to answer the question:

In 20D, Malcom Corporation reported the following information:

Income Statement (dollars)

Sales Revenue 8,200,000
Cost of goods sold 6,400,000

________________________

Gross profit 1,800,000
Operating expenses (includes $200,000 depreciation expense) 1,250,000

________________________

Pretax income 550,000
Income tax expense (30% rate) 165,000

________________________
Net Income 385,000

Balance Sheet (dollars) 20D 20C

Accounts receivable 800,000 . 600,000

Inventory 520,000 . 480,000
Prepaid expenses . 110,000 . 120,000

Accounts payable . 340,000 . 310,000

Accrued liabilities . 80,000 . 90,000

Income taxes payable . 25,000 . 40,000

Unearned revenue . 100,000 . 200,000

Malcom's cash paid for income taxes in 20D is: A) 165,000 B) 180,000 C) 150,000 D) 135,000

Aug 02 2021 View more View Less

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