Problem:
Jackson Associates, a corporation, had the following income and expenses for 2012. Present answers in good form - numbers with labels
Sales Revenue $470,000
Interest Income $8,000
Interest expense $18,000
Dividends received $9,000
Dividends paid $13,000
Operating expenses $250,000
Depreciation expense $15,000
Retained Earnings, 1/01/12 $230, 00
Requirements:
Question 1: What is the taxable income from 2012?
Question 2: What is the tax liability for 2012?
Question 3: What is the net income for 2012?
Question 4: What is the Retained Earning Balance 12/31/12?
Please justify your answer and also provide all calculations and formulas