Jackson Associates, a corporation, had the following income and expenses for 2016. Present answers in good form–numbers with labels.
Sales Revenue 520,000
Interest income 8,000
Interest expense 20,000
Dividends received 10,000
Dividends paid 14,000
Operating expenses 270,000
Depreciation expense 15,000
Retained Earnings, 1/01/16 200,000
a) What is the taxable income for 2016?
b) What is the tax liability for 2016? (Use tax chart in text)
c) What is the net income for 2016?
d) What is the Retained Earning Balance 12/31/16?