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) $ 635,000 Less: Cost of goods sold 243,000 Gross profits $ 392,000 Less: Other operating expenses 118,000 EBITDA $ 274,000 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. Determine the firm's 2021 net income. Determine the firm's 2021 average tax rate. (Round your answer to 2 decimal places.) Determine the firm's 2021 marginal tax rate.
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) $ 635,000 Less: Cost of goods sold 243,000 Gross profits $ 392,000 Less: Other operating expenses 118,000 EBITDA $ 274,000 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. Determine the firm's 2021 net income. Determine the firm's 2021 average tax rate. (Round your answer to 2 decimal places.) Determine the firm's 2021 marginal tax rate.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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) | $ | 635,000 | |
| Less: Cost of goods sold | 243,000 | ||
| Gross profits | $ | 392,000 | |
| Less: Other operating expenses | 118,000 | ||
| EBITDA | $ | 274,000 | |
| Less: |
17,800 | ||
| EBIT | $ | 256,200 | |
| Less: Interest | 87,000 | ||
| EBT | $ | 169,200 | |
| Less: Taxes | |||
| Net income | $ |
Determine the firm's 2021 tax liability.
Determine the firm's 2021 net income.
Determine the firm's 2021 average tax rate. (Round your answer to 2 decimal places.)
Determine the firm's 2021 marginal tax rate.
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