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  1. business
  2. accounting
  3. last year, your company had sales of $17,063,631.

Last year, your company had sales of $17,063,631. The firm's costs of goods sold amounted...

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Accounting

Last year, your company had sales of $17,063,631. The firm's costs of goods sold amounted to 60% of sales. The firm also paid cash operating expenses of $1,000,000, and had $184,702 in depreciation expense. The firm had $450,000 in 9% coupon bonds outstanding and paid $40,000 in dividends to its common stockholders. Also, the firm received $100,000 in dividend income from its holdings of other common stocks. Compute the corporation's taxable income i.e. earnings before taxes. SET YOUR CALCULATOR TO 4 DECIMAL PLACES THEN ROUND TO THE NEAREST WHOLE NUMBER AT THE END. DO NOT ENTER THE $ SIGN SYMBOL..i.e. if your answer is 1,000,000 enter it as 1,000,000.

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