Elgin Battery Manufacturers Had Sales of $1,000,000 in 2015 and Their

Multiple Choice

Elgin Battery Manufacturers had sales of $1,000,000 in 2015 and their cost of goods sold is $700,000. Selling and administrative expenses were $100,000. Depreciation expense was $80,000 and interest expense for the year was $10,000. The firm's tax rate is 30 percent. What is the dollar amount of taxes paid in 2015?

A) $36,000
B) $117,800
C) $33,000
D) $300,000