n tax year 1, an electronics-packaging firm had a gross income of $33,000,000, $5,000,000 in salaries, $6,000,000 in wages, $1,000,000 in depreciation expenses, a loan principal payment of $250,000, and a loan interest payment of $200,000. Determine the net income of the company in tax year 1. The corporate tax rate is 21%. The net income of the company in tax year 1 is $ (Round to the nearest dollar.)
n tax year 1, an electronics-packaging firm had a gross income of $33,000,000, $5,000,000 in salaries, $6,000,000 in wages, $1,000,000 in depreciation expenses, a loan principal payment of $250,000, and a loan interest payment of $200,000. Determine the net income of the company in tax year 1. The corporate tax rate is 21%. The net income of the company in tax year 1 is $ (Round to the nearest dollar.)
Chapter2: The Domestic And International Financial Marketplace
Section2.A: Taxes
Problem 2P
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