Solved: Calculate the firms corporate tax liability for last year, Accounting Basics

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Calculate the firms corporate tax liability for last year

Problem:

Your corporation had the following cash flows last year:

Operating Income - $2,500,000
Interest Received - $100,000
Interest Paid - $450,000
Dividends Received - $200,000
Dividends Paid - $500,000

Your firm pays taxes at a rate of 40% (federal and state combined) and was profitable last year. Calculate the firm's corporate tax liability for last year.

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Accounting Basics: Calculate the firms corporate tax liability for last year

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Accounting Basics: Calculate the firms corporate tax liability for last year

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