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) $ 580,000 Less: Cost of goods sold 221,000 Gross profits $ 359,000 Less: Other operating expenses 96,000 EBITDA $ 263,000 Less: Depreciation and amortization 15,600 EBIT S 247,400 Less: Interest 81,500 EBT $ 165,900 Less: Taxes Net income S 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) $ 580,000 Less: Cost of goods sold 221,000 Gross profits $ 359,000 Less: Other operating expenses 96,000 EBITDA $ 263,000 Less: Depreciation and amortization 15,600 EBIT S 247,400 Less: Interest 81,500 EBT $ 165,900 Less: Taxes Net income S 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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Transcribed Image Text: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) $ 580,000 Less: Cost of goods sold
221,000 Gross profits $ 359,000 Less: Other operating expenses 96,000 EBITDA $ 263,000 Less: Depreciation and
amortization 15, 600 EBIT $ 247,400 Less: Interest 81,500 EBT $ 165,900 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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