The Talley Corporation had taxable operating income of $455,000 (i. e., earnings from operating revenues minus all operating costs). Talley also had (1) interest charges of $70,000, (2) dividends received of $5,000, and (3) dividends paid of $10,000. Its federal tax rate was 21% (ignore any possible state corporate taxes). Recall that 50% of dividends received are tax exempt. Required:
a. What is the firm’s taxable income?
b. What is the tax expense?

a. What is the firm’s taxable income?

387.500

b. What is the tax expense?

81.375

Explanation:

You first need to determine Talley's taxable income:

Income after operating costs: $455,000

Less: Interest Expense             -$70,000

Plus: Taxable Dividends Received 2,500

                               .

Taxable Income:                         387.500

Federal tax rate                21%      

Tax expense                                    81.375

answer: b) the us is the leading importer but not the leading exporter.

extra info:

the u.s is the largest importer but it is not the largest exporter as china sits on the top of the table when it comes to leading exporters.

but u.s is not far from first,

they rank in 2nd globally as the worlds largest exporter.

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