Question
Reliable Corporation had Sales of $16,330,910 last year. The firm's costs of goods sold amounted to 60% of sales. Reliable also paid operating expenses of
Reliable Corporation had Sales of $16,330,910 last year. The firm's costs of goods sold amounted to 60% of sales. Reliable also paid operating expenses of $250,000 and $100,000 in interest expense. Also, the firm received $284,572 in dividend income and experienced a $200,000 capital loss on the sale of property. Compute the corporation's tax payment (or tax credit) assuming a tax rate of 21%. Enter tax payment with a positive sign and tax credit with a negative sign. SET YOUR CALCULATOR TO 4 DECIMAL PLACES AND ROUND TO THE NEAREST WHOLE NUMBER AT THE END. IF YOUR ANSWER IS $1,000,000, FOR EXAMPLE, ENTER IT AS 1,000,000. DO NOT ENTER THE $ SIGN.
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