The state tax patrick must pay on the initial profit is .

The state tax Patrick must pay on the initial profit is $350.

The federal tax he must pay on the initial profit is $1,750.

The inflation on the amount remaining after taxes is $147.

As a result, the real value of Patrick’s profit is $4,678.

answer; i believe the correct answer is (4.0);

income statement is prepared in order to show the profits and loss of a business. in order to prepare the income statement she should collect all the income and expenses of the product with the cost of production.