Last year, your firm had $30 million in sales

Question: Last year, your firm had $30 million in sales, $7 million in cash operating expenses, and $1 million in depreciation. costs of goods sold for the year amounted to $12 million. the firm has $8 million in bonds with a 6% interest rate. your firm received $50,000 in dividend income. the firm sold property for a $60,000 capital gain, and sold other long-term assets for an $80,000 capital loss. what was your firm’s tax payment for the year?

$1,999,200
$2,200,800
$2,004,450
$2,100,000
$2,000,250

Answer: Sale in 2nd year = x + 6000000

Sale in 3rd year = 2( x + 6000000 )

To find: Sale in 1st year when sale in 3rd year is 46000000.

According to the Question,

2( x + 6000000 ) = 76000000

2x + 12000000 = 76000000

2x = 76000000 – 12000000

2x = 64000000

x = 32,000,000

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