During the past year, Albert Corporation had
sales of $5 million,
cost of goods sold of $2.7 million,
operating expense of $1.3 million, and
interest expense of $0.5 million.
During the year Albert
paid a preferred stock dividend of $100,000
paid a common stock dividend of $150,000 and
paid off debt of $2.3 million.
What was Albert's taxable income?

Question

During the past year, Albert Corporation had 
 sales of $5 million, 
cost of goods sold of $2.7 million, 
operating expense of $1.3 million, and 
interest expense of $0.5 million.   
During the year Albert 
paid a preferred stock dividend of $100,000 
paid a common stock dividend of $150,000 and 
paid off debt of $2.3 million.   
What was Albert's taxable income?

Quizplus · Accepted Answer

The Answer of During the past year, Albert Corporation had 
 sales of $5 million, 
cost of goods sold of $2.7 million, 
operating expense of $1.3 million, and 
interest expense of $0.5 million.   
During the year Albert 
paid a preferred stock dividend of $100,000 
paid a common stock dividend of $150,000 and 
paid off debt of $2.3 million.   
What was Albert's taxable income?

During the Past Year, Albert Corporation Had