Louisiana Land Corporation reported the following results for the current year: What is the amount of the taxable income for the current year?

Question

Louisiana Land Corporation reported the following results for the current year:  What is the amount of the taxable income for the current year?

Quizplus · Accepted Answer

The taxable income can be calculated by subtracting total expenses from total revenues. From the given results, the total revenues are $2,500,000 and the total expenses are $2,232,000. Therefore, the taxable income is:

$2,500,000 - $2,232,000 = $268,000

Hence, the correct answer is B.

Louisiana Land Corporation Reported the Following Results for the Current