In: Accounting
Chris Inc. has accumulated the following information for its
second-quarter income statement for 20X2:
Sales | $ | 864,000 | |
Cost of goods sold | 434,000 | ||
Operating expenses | 244,000 | ||
Additional Information
Required:
a. Calculate the effective annual tax rate expected at the end of
the second quarter for Chris Inc.
b. Prepare the income statement for the second quarter of 20X2.
Your solution should include a computation of income tax (or
benefit):