The records for Bosch Co. show this data for 2018:
Gross profit on installment sales rec...
Business, 17.02.2020 18:38 chriscook5176
The records for Bosch Co. show this data for 2018:
Gross profit on installment sales recorded on the books was $470,000. Gross profit from collections of installment receivables was $330,000.
Life insurance on officers was $4,300.
Machinery was acquired in January for $350,000. Straight-line depreciation over a ten-year life (no salvage value) is used. For tax purposes, MACRS depreciation is used and Bosch may deduct 14% for 2018.
Interest received on tax exempt Iowa State bonds was $9,500.
The estimated warranty liability related to 2018 sales was $22,100. Repair costs under warranties during 2018 were $14,100. The remainder will be incurred in 2019.
Pretax financial income is $650,000. The tax rate is 30%.
Prepare a schedule starting with pretax financial income and compute taxable income. (Enter negative amounts using either a negative sign preceding the number e. g. -45 or parentheses e. g. (45).)
Answers: 3
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