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Last year, your company had sales of $4,800,000 and cash operating expenses of $400,000. The firm received $80,000 in dividend income and paid $50,000 in
Last year, your company had sales of $4,800,000 and cash operating expenses of $400,000. The firm received $80,000 in dividend income and paid $50,000 in dividends to its shareholders. Costs of goods sold came to $1,600,000 and the firm had $600,000 in depreciation expense. Your firm has $900,000 in long-term debt outstanding with a 5% interest rate. Calculate the firms tax liability.
SINCE 2018 TAX RATE IS 21%
O $462,000 O $460,950 $450,450 O $470,400 $469,350Step by Step Solution
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