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Jackson Associates, a corporation, had the following income and expenses for 2016. Present

Jackson Associates, a corporation, had the following income and expenses for 2016. Present

Jackson Associates, a corporation, had the following income and expenses for 2016. Present answers in good formnumbers 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?

 
Abhinav 04-Dec-2019

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