Last year, your company had sales of $3,909,755, cost of goods sold of $2,322,288 and operating expenses amounting to $857,382. The firm had $116,105 in depreciation expense. In addition, the firm had $625,000 in 8% coupon bonds, received $30,000 in dividend income, and sold property for $10,000 capital loss. What was the firm's tax payment?

Last year, your company had sales of $3,909,755, cost of goods sold of $2,322,288 and operating expenses amounting to $857,382. The firm had $116,105 in depreciation expense. In addition, the firm had $625,000 in 8% coupon bonds, received $30,000 in dividend income, and sold property for $10,000 capital loss. What was the firm's tax payment?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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