Oakdale Fashions, Inc.'s, 2021 income statement is reported below. Oakdale Fashions, Inc., Income Statement for 2021 Net sales (all credit) Less: Cost of goods sold Gross profits Less: Other operating expenses EBITDA Less: Depreciation and amortization EBIT Less: Interest EBT Less: Taxes Net income Determine the firm's 2021 tax liability. (Round your answer to the nearest dollar amount.) Tax liability Net income Determine the firm's 2021 net income. (Round your answer to the nearest dollar amount.) 34,650 $ Average tax rate $ 565,000 215,000 $350,000 90,000 $ 260,000 15,000 $ 245,000 80,000 $ 165,000 130.350 Determine the firm's 2021 average tax rate. (Round your answer to 2 decimal places.) 0.01%
Oakdale Fashions, Inc.'s, 2021 income statement is reported below. Oakdale Fashions, Inc., Income Statement for 2021 Net sales (all credit) Less: Cost of goods sold Gross profits Less: Other operating expenses EBITDA Less: Depreciation and amortization EBIT Less: Interest EBT Less: Taxes Net income Determine the firm's 2021 tax liability. (Round your answer to the nearest dollar amount.) Tax liability Net income Determine the firm's 2021 net income. (Round your answer to the nearest dollar amount.) 34,650 $ Average tax rate $ 565,000 215,000 $350,000 90,000 $ 260,000 15,000 $ 245,000 80,000 $ 165,000 130.350 Determine the firm's 2021 average tax rate. (Round your answer to 2 decimal places.) 0.01%
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Subject :- Accounting
Transcribed Image Text:Oakdale Fashions, Inc's, 2021 income statement is reported below.
Oakdale Fashions, Inc., Income Statement for 2021
Net sales (all credit)
Less: Cost of goods sold
Gross profits
Less: Other operating expenses
EBITDA
Less: Depreciation and amortization
EDIT
Less: Interest
EBT
Less: Taxes
Net income
$
Average tax rate
Determine the firm's 2021 tax liability. (Round your answer to the nearest dollar amount.)
Tax liability
34,650
$
$ 565,000
215,000
130,350
$ 350,000
90,000
Determine the firm's 2021 net income. (Round your answer to the nearest dollar amount.)
Net Income
$ 260,000
15,000
$ 245,000
80,000
$ 165,000
0.01%
$
Determine the firm's 2021 average tax rate (Round your answer to 2 decimal places.)
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