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What is shoe market taxable income

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Question - The Walstore Shoe Market had $1,875,000 of shoe sales and its cost for these shoes was $688,000. In addition, the Shoe Market received $5,000 of corporate bond interest and $6,000 of interest on State of California bonds. It paid $512,000 in salaries and had $542,000 of other operating expenses. What is Shoe Market's taxable income? What is its income tax liability?

Reference no: EM131819875

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