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How much was the firm taxable income

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Problem - Frederickson Office Supplies recently reported $12,000 of sales, $7,250 of operating costs other than depreciation, and $1,250 of depreciation. The company had no amortization or depreciation charges and no non-operating income. It had $8,000 of bonds Outstanding that carry a 7% interest rate, and its combined federal and provincial income tax rate was 40%. How much was the firm's taxable income, or earnings before taxes (EBT)?

Reference no: EM132855367

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