None Oakdale Fashions, Incorporated's, income statement is reported below. (Usecorporate tax rate of 21 percent for your calculations.)Oakdale Fashions, Incorporated, Income StatementNet sales (all credit)Less: Cost of goods soldGross profitsLess: Other operating expensesEBITDALess: Depreciation and amortizationEBITLess: InterestEBTLess: Taxes$ 620,000237,000$ 383,000112,000$ 271,00017,200$ 253,80085,500$ 168,300Net incomeDetermine the firm's tax liability.Tax liability$35,343Determine the firm's net income.

Step 1: Calculate the Tax Liability:The Earnings Before Taxes (EBT) is $168,300.The corporate tax…

Answered: Oakdale Fashions, Incorporated's,…

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter6: Accounting For Financial Management

Section: Chapter Questions

Problem 3P

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Consider the following income statement: Sales Costs Depreciation Taxes Calculate the EBIT. EBIT $748,168 486,752 110,700 Net income 23% Calculate the net income.
Fill in the missing numbers for the following statement of comprehensive income. (Input all amounts as positive values. Omit $ sign in your response.) Sales Costs Depreciation EBIT Taxes (34%) Net income Calculate the OCF. OCF $ What is the CCA tax shield? CCA tax shield 733,500 503,300 89,400
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You are given the following information for Smashville, Inc. Cost of goods sold: Investment income: Net sales: Operating expense: Interest expense: Dividends: Tax rate: Current liabilities: Cash: Long-term debt: Other assets: Fixed assets: Other liabilities: Investments: Operating assets: Gross margin Operating margin Return on assets Return on equity $174,000 $ 1,400 $379,000 $ 86,000 $ 7,400 8,000 $ % % % % 40% $ 21,000 $ 21,000 $ 46,000 $ 38,000 $130,000 Calculate the gross margin, the operating margin, return on assets, and return on equity. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.) $ 3,000 $ 34,000 $ 64,000
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Please answer very fast then i ll upvote Calculate EBIT. Revenue 1,061,751.0 Cost of sales 690,135.0 Selling, general and administration 53,087.0 Other income 11,796.0 Operating income 330,325.0 Interest expense 19,874.0 Profit before tax 310,451.0 Tax expense 46,500.0 Net income 263,951.0 The footnotes mention the following: Cost of sales includes inventory write off costs 39,677.0 Cost of sales includes distribution costs 120,458.0 SG&A includes corporate restructuring expenses 15,570.0 Responses 385,572.0 275,078.0 330,325.0 506,030.0
You are given the following information for Smashville, Incorporated. Cost of goods sold: Investment income: Net sales: Operating expense: Interest expense: Dividends: Tax rate: Current liabilities: Cash: $ 184,000 $ 1,600 $ 387,000 $ 88,000 $ 7,400 $ 6,000 21% $ 12,000 $ 21,000 Long-term debt: $ 32,000 $ 40,000 Other assets: Fixed assets: Other liabilities: Investments: Operating assets: $ 125,000 $ 5,000 $ 36,000 $ 64,000 During the year, Smashville, Incorporated, had 17,000 shares of stock outstanding and depreciation expense of $19,000. At the end of the year, Smashville stock sold for $42 per share. Calculate the price-book ratio, price-earnings ratio, and price-cash flow ratio. Note: Do not round intermediate calculations. Round your answers to 2 decimal places. Answer is not complete. Price-book ratio Price-earnings ratio Price-cash flow ratio 15.19
The most recent financial statements for Assouad, Incorporated, are shown here: Income Statement Sales Costs Taxable income Taxes (24%) Net income $ 3,500 2,500 $1,000 240 $760 Multiple Choice What is the external financing needed $1,730.00 $905.00 Current assets Fixed assets $1,472.50 Total $1,522.50 Balance Sheet Assets, costs, and current liabilities are proportional to sales. Long-term debt and equity are not. The company maintains a constant 40 percent dividend payout ratio. As with every other firm in its industry, next year's sales are projected to increase by exactly 25 percent. $ 3,900 5,300 $ 9,200 Current liabilities Long-term debt Equity Total $ 830 3,620 4,750 $ 9,200 X
Consider the following income statement: Sales Costs $ 602,184 391,776 Depreciation 89,100 Taxes Calculate the EBIT. EBIT 21% Calculate the net income. Net income
Use the following information for Ingersoll, Incorporated. Assume the tax rate is 22 percent. Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends Current assets 2020 2021 $18,573 $17,136 1,876 4,847 894 996 1,801 4,679 1,016 865 Assets 6,277 8,180 1,310 6,886 9,847 1,287 20,740 24,986 51,196 54,693 4,608 5,064 14,521 15,428 1,650 1,758 Prepare a balance sheet for this company for 2020 Ind 2021. (Do not round intermediate calculations.) INGERSOLL, INCORPORATED Balance Sheet as of December 31 2020 2021

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