(Answered) In 2002 a company generated pound1500000 of gross income

Management Studies

In 2002 a company generated £1,500,000 of gross income and incurred operating expenses of £800,000. Interest payments on the borrowed capital amounted to £48,000. The total depreciation deductions in in 2002 equals to £114,000.

a) Determine the taxable income (NIBT) of this firm?

b) If the interest expenses had been £590,000,determine the Net Operating Loss (NOL)

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