In Its First Year of Operations Best Corp

question 130

Multiple Choice

In its first year of operations Best Corp. had income before tax of $500,000. Best made income tax payments totaling $210,000 during the year and has an income tax rate of 40%. What was Best's net income for the year?

• A) $290,000.
• B) $294,000.
• C) $300,000.
• D) $306,000.

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Definitions:

Lateral Moraine

A ridge of debris deposited along the sides of a glacier, marking the previous extent of the glacier's reach.

Terminal Moraine

A moraine deposited at the point of furthest advance of a glacier or ice sheet, marking its maximum extent.

Kettle

A pitlike depression in glacial deposits, commonly a lake or swamp; formed by the melting of a large block of ice that had been at least partly buried in the glacial deposits.

Coastal Dunes

Sand formations located near coastlines, formed by the wind's movement of sand.