Compute mm''s current income tax expense


Compute MM's current income tax expense or benefit for 2009 showing the details of the computation.

net sales $50,000,000
cost of sales $28,000,000
gross profit 22,000,000
Compensation 2,000,000
Selling expenses 1,500,000
Depreciation & amortization 4,000,000
Other expenses 500,000
Total operating expenses 8,000,000
Income from operations 14,000,000
Interesst and other income 1,000,000
Income before income taxes 15,000,000

Interest income from mukcipal bonds $50,000
Nondecuctible meals & entertainment expenses $20,000
Domestic manufacturing (sec199)deduction $250,000
Nondeductible fines $5,000

 

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: Compute mm''s current income tax expense
Reference No:- TGS0101596

Expected delivery within 24 Hours