Asked by Lucia Callista on May 02, 2024
Verified
Adjusted Gross Income for a corporation is equal to sales minus cost of goods sold.
Adjusted Gross Income
Gross income after deductions and adjustments, important for tax calculations and eligibility for certain credits.
Sales
The total revenue generated from the selling of goods or services over a particular period.
Cost Of Goods Sold
Cost of Goods Sold (COGS) represents the direct costs attributable to the production of goods sold by a company, including materials and labor.
- Understand the key concepts of Adjusted Gross Income calculations and tax implications for corporations.
Verified Answer
ZK
Zybrea KnightMay 07, 2024
Final Answer :
False
Explanation :
Adjusted Gross Income (AGI) for a corporation is the company's gross income (revenue) minus the cost of goods sold (COGS) and any other applicable deductions. AGI is a term used for individual tax returns, not for corporations.
Learning Objectives
- Understand the key concepts of Adjusted Gross Income calculations and tax implications for corporations.