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31 July, 21:29

LNS corporation reports book revenue of $2,910,000. Included in the $2,910,000 is $16,500 of tax-exempt interest income. LNS reports $2,837,500 in ordinary and necessary business expenses. What is LNS Corporation's taxable income for the year?

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  1. 31 July, 23:49
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    The NS Corporation's taxable income for the year is $56,000

    Explanation:

    Taxable income: The taxable income is that income which is to be submitted to the government. It is computed by subtracting the business expense and tax-exempt interest income from the book revenue/sales.

    The computation of the taxable income is shown below:

    = Book revenue - Ordinary and necessary business expense - tax-exempt interest income

    = $2,910,000 - $2,837,500 - $16,500

    = $56,000
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Home » Business » LNS corporation reports book revenue of $2,910,000. Included in the $2,910,000 is $16,500 of tax-exempt interest income. LNS reports $2,837,500 in ordinary and necessary business expenses. What is LNS Corporation's taxable income for the year?
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