In the current year,ABC Corporation had the following items of income,expense,gains,and losses: What is taxable income for the year?

Question

In the current year,ABC Corporation had the following items of income,expense,gains,and losses:  What is taxable income for the year?

Quizplus · Accepted Answer

To calculate taxable income, we need to start with the total revenue of $210,000 and subtract the total expenses of $66,000. This gives us a net profit of $144,000. Since there are no gains or losses, this is the taxable income for the year. Therefore, the best choice is C.

In the Current Year,ABC Corporation Had the Following Items of Income,expense,gains,and