ABC Inc., a calendar year retailer that sold ice skates, had the following amounts at December 31, 2020: Net Sales $938,500 COGS 475,300 Operating 123,700 Expenses Other Income and (expense) 10,200 Other Comprehensive Loss (4,400) Current taxes 20,800 payable Net Income 221,900 What was ABC's provision for income taxes? $107,800 $117,600 $127,800 $123,400

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Question

ABC Inc., a calendar year retailer that sold ice skates, had the following amounts at December 31, 2020:

Net Sales

$938,500

COGS

475,300

Operating

123,700

Expenses

Other Income and (expense)

10,200

Other

Comprehensive Loss

(4,400)

Current taxes

20,800

payable

Net Income

221,900

What was ABC's provision for income taxes?

$107,800

$117,600

$127,800

$123,400 

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