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Murljashka [212]
3 years ago
14

Last year, your company had sales of $3.6 million, cost of goods sold of $2.3 million and operating expenses amounting to $840,0

00. The firm had $114,000 in depreciation expense. In addition, the firm paid 8% interest on $625,000 in bonds, received $30,000 in dividend income, and sold property for a $10,000 capital loss. What was the firm's tax payment
Business
1 answer:
atroni [7]3 years ago
6 0

Answer:

The firm's tax payment is $ 102,200

Explanation:

Sales 3,600,000

Cost of goods sold. (2,300,000)

Gross profit. 1,300,000

Other operating exp. (840,000)

Depreciation expenses. (114,000)

Interest expense

625,000 × 8%. (50,000)

Gain on investment 30,000

Income before taxes. 326,000

Tax expense 31.34% × 326,000

Firm's tax payment is therefore $102,200.

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3 years ago
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3 years ago
Mr. smith wishes to retire in 11 years. when he retires he would like to have $500,000 in his bank account. mr. smith's bank pay
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A=p (1+r)^t
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4 0
3 years ago
Shocker Associates sold office equipment for cash of $162,000. The accumulated depreciation at date of sale amounted to $123,000
siniylev [52]

Answer:

Original Cost of asset = $269,000

Explanation:

Provided information,

We have been provided that selling value of equipment = $162,000

Gain recognized on sale = $16,000

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$16,000 = $162,000 - Book Value

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