Griffey Communications recently realized $110,000 in operating income. The compa

Question

1. Griffey Communications recently realized $110,000 in operating income. The company had interest income of $25,000 and realized $70,000 in dividend income. The company

Griffey Communications recently realized $110,000 in operating income. The company had interest income of $25,000 and realized $70,000 in dividend income. The company Griffey Communications recently realized $110,000 in operating income. The company had interest income of $25,000 and realized $70,000 in dividend income. The company

Explanation / Answer

Ans $28,490

Operating income $110,000

Interest expense -40,000

Interest income +25,000

Dividend income (30%)* +21,000

Taxable income $116,000

Only 30 percent of corporate dividends are included as taxable income: 0.30

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