The amount that Charhofe Industries paid in taxes in 2019 is a. $12.6 million.
Beginning balance = $7.0 million
Tax Expense 15.6
Total due $22.6 million
Ending balance $10.0 million
Amount paid = $12.6 million
Charhofe industries
Income Statement
For year Ending December 31, 2019
(amounts in millions)
Sales $340.0
Less: Cost of Goods Sold 175.0
Gross Margin $165.0
Less: Operating Expenses 75.0
Operating Income $90.0
Less: Interest Expenses 12.0
Income Before Taxes $78.0
Less: Tax Expense 15.6
Net Income $62.4
a. $12.6 million
b. $18.6 million
c. $22 6 million
d. $25.6 million
Thus, the amount Charhofe industries paid in taxes in 2019 was a. $12.6 million.
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