Compute net income per books before tax-taxable income

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Reference no: EM131219607

ABC is a sole proprietorship owned by Clark. The company’s records show the following:

Sales Revenue 275,000

Interest on State of Kansas bonds 5,000

Operating Expenses 145,000

Depreciation – book purposes 17,000

Depreciation – tax purposes 22,000

Loss on sale of truck to Clark’s granddaughter 4,000

Fines to the U.S. govt. for violation of emission standards 15,000

Compute ABC’s net income per books before tax.

Compute ABC’s taxable income.

Reference no: EM131219607

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