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Determine the firm's 2021 tax liability. X Answer is complete but not entirely correct. Tax liability 24 35,532 X Determine the firm's 2021 net income.

Determine the firm's 2021 tax liability. X Answer is complete but not entirely correct. Tax liability 24 35,532 X Determine the firm's 2021 net income.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 2-7 Corporate Taxes (LG2-3) Oakdale Fashions, Inc.s, 2021 income statement is reported below. (Use corporate tax rate of 21 percent for your calculations.) Oakdale Fashions, Inc., Income Statement for 2021 Net sales (all credit) Less: Cost of goods sold $ 635,000 243,000 $ 392,000 118,000 $ 274,000 Gross profits Less: Other operating expenses EBITDA Less: Depreciation and amortization 17,800 EBIT $ 256,200 Less: Interest 87,000 EBT $ 169,200 Less: Taxes Net income Determine the firm's 2021 tax liability. x Answer is complete but not entirely correct. Tax liability $4 35,532 X Determine the firm's 2021 net income. 4 of 8 Next > < Prev ... %24 %24
Transcribed Image Text:Problem 2-7 Corporate Taxes (LG2-3) Oakdale Fashions, Inc.s, 2021 income statement is reported below. (Use corporate tax rate of 21 percent for your calculations.) Oakdale Fashions, Inc., Income Statement for 2021 Net sales (all credit) Less: Cost of goods sold $ 635,000 243,000 $ 392,000 118,000 $ 274,000 Gross profits Less: Other operating expenses EBITDA Less: Depreciation and amortization 17,800 EBIT $ 256,200 Less: Interest 87,000 EBT $ 169,200 Less: Taxes Net income Determine the firm's 2021 tax liability. x Answer is complete but not entirely correct. Tax liability $4 35,532 X Determine the firm's 2021 net income. 4 of 8 Next > < Prev ... %24 %24
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