calculate the corporate income tax for quarter 1. use a corporate income tax rate of 21%.\nincome…

calculate the corporate income tax for quarter 1. use a corporate income tax rate of 21%.\nincome statement\n| | q1 (x1000) | q2 (x1000) |\n|--|--|--| \n| net sales | 150 | 90 |\n| cogs | (42) | (30) |\n| gross profit | 108 | 60 |\n| overhead | (50) | (40) |\n| pre - tax income | 58 | 20 |\ncorporate income tax = $?\nmultiply the product by 1000 to answer in dollars.

calculate the corporate income tax for quarter 1. use a corporate income tax rate of 21%.\nincome statement\n| | q1 (x1000) | q2 (x1000) |\n|--|--|--| \n| net sales | 150 | 90 |\n| cogs | (42) | (30) |\n| gross profit | 108 | 60 |\n| overhead | (50) | (40) |\n| pre - tax income | 58 | 20 |\ncorporate income tax = $?\nmultiply the product by 1000 to answer in dollars.

Answer

Explanation:

Step1: Identify pre - tax income for Q1

Pre - tax income for Q1 is 58 (in thousands).

Step2: Calculate corporate income tax rate amount

Corporate income tax rate is 21% or 0.21. Multiply pre - tax income by tax rate: $58\times0.21 = 12.18$ (in thousands).

Step3: Convert to dollars

Multiply the result by 1000: $12.18\times1000=12180$.

Answer:

12180