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|110|170|\n|cogs|(18)|(32)|\n|gross profit|92|138|\n|overhead|(30)|(50)|\n|pre - tax income|62|88|\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|110|170|\n|cogs|(18)|(32)|\n|gross profit|92|138|\n|overhead|(30)|(50)|\n|pre - tax income|62|88|\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 62 (in thousands).

Step2: Calculate corporate income tax rate amount

The tax rate is 21% or 0.21. Multiply pre - tax income by tax rate: $62\times0.21 = 13.02$ (in thousands).

Step3: Convert to dollars

Multiply the result by 1000: $13.02\times1000=13020$.

Answer:

13020