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What is the bonus on profit after deduction of bonus

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Reference no: EM132803871

Question -

Q1. When the consideration receivable from an installment sale is discounted, the gross profit rate is computed?

a. based on the present value of the consideration receivable.

b. based on the undiscounted installment sale price

c. a or b

d. none of these

Q2. EF Enterprises realized a profit of 240,000 for the year. Fajardo, the managing partner, is allowed a bonus of 20% with an income tax rate of 35%. What is the bonus on profit after deduction of bonus but before deduction for income tax?

a. 61,538

b. 48,000

c. 40,000

d. 129,230

e. none

Reference no: EM132803871

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