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. Tax liability
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. Tax liability
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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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) | $ | 580,000 | |
| Less: Cost of goods sold | 221,000 | ||
| Gross profits | $ | 359,000 | |
| Less: Other operating expenses | 96,000 | ||
| EBITDA | $ | 263,000 | |
| Less: |
15,600 | ||
| EBIT | $ | 247,400 | |
| Less: Interest | 81,500 | ||
| EBT | $ | 165,900 | |
| Less: Taxes | |||
| Net income | $ | ||
Determine the firm's 2021 tax liability.
|
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