Question 5 Last year, California Sushi and Such (CSS) had sales of $65 million. The firm's operating expenses amounted t

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Question 5 Last Year California Sushi And Such Css Had Sales Of 65 Million The Firm S Operating Expenses Amounted T 1 (52.07 KiB) Viewed 13 times

Question 5 Last year, California Sushi and Such (CSS) had sales of $65 million. The firm's operating expenses amounted to $20 million and costs of goods sold totaled $15 million. In addition, CSS received $80,000 in dividend income, and paid $300,000 in dividends to its stockholders. CSS has $25 million in bonds outstanding with an annual interest payment of 9%. The firm also had $10 million in depreciation expense, and sold land for $3.5 million that had been purchased for $2.5 million several years earlier. What is the firm's tax liability? $3,954,300 O$3,744,300 $4,200,000 1 pts O $3,735,900 $3,945,900