Grizzly Company had Retained Earnings at December 31, 2018 of $210,000. During 2019, the company had revenues of $410,000 and balance sheet as of December 31, 2019 will be: expenses of $355,000, and the company declared and paid dividends of $12,000.
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Suppose the tax rate on the first $10,000 of income is 0 percent; 10 percent on the next $20,000; 20 percent on the next $20,000; 30 percent on the next $20,000; and 40 percent on income over $60,000. Family A has an income of $55,000.
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