Solved: What is taxable income, Further, assume that its operating profit for the year of 1995 is, Accounting Basics

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What is taxable income

Problem:

A firm has an operating profit for the year of 1994 of $100000. It has net operating losses carry forward of -$60000 from 1992 and -$80000 from 1993. Assume its average tax rate is 25%. Further, assume that its operating profit for the year of 1995 is $150000.

What is Taxable income in 1995?

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