Pearls, Inc. had sales in 1993 of $2.1 million. The common stockholders received $400,000 in cash dividends
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Pearls, Inc. had sales in 1993 of $2.1 million. The common stockholders received $400,000 in cash dividends and preferred stockholders were paid $200,000. Interest totaling $150,000 was paid on outstanding debts. Operating expenses totaled $300,000, and cost of goods sold was $500,000. Stock that had been purchased for $50,000 in 1987 was sold for $70,000. What is the tax liability of Pearls, Inc.?
Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton
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