Gross earnings……………………N950 000
Current liabilities……………….N100 000
Operating expenses………………..N350 000
10% debentures……………………N400 000
Shareholder’s fund………………..N1300 000
Corporate tax is 30%
A. 33%
B. 35%
C. 20%
D. 30%
Correct Answer:
Option D – 30%
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