Everybodys Fitness 2021 Income Statement is reported below (in millions of dollars). Determine the firms 2021 tax
Question:
Everybody’s Fitness 2021 Income Statement is reported below (in millions of dollars).
Determine the firm’s 2021 tax liability, net income, average tax rate, and marginal tax rate.
Transcribed Image Text:
Net sales (all credit) Less: Cost of goods sold Gross profits Less: Other operating expenses Earnings before interest, taxes, depreciation, and amortization (EBITDA) Less: Depreciation and amortization Earnings before interest and taxes (EBIT) Less: Interest Earnings before taxes (EBT) Less: Taxes Net income 2021 $885 440 445 215 230 52 178 75 103 $
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (5 reviews)
With 230000000 of EBITDA Everybodys Fitness is allowed to deduct only 69000...View the full answer
Answered By
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others.
I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years.
I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+
2+ Reviews
10+ Question Solved
Related Book For
Finance Applications And Theory
ISBN: 9781260013986
5th Edition
Authors: Marcia Cornett, Troy Adair, John Nofsinger
Question Posted:
Students also viewed these Business questions
-
Everybody's Fitness's 2021 income statement is reported below (in millions of dollars) (Use corporate tax rate of 21 percent for your calculations.) Everybody's Fitness Income Statement for 2021 (in...
-
The following tables were excerpted from Pepsico's 2015 Form 10-K. All amounts are in millions of dollars and the deferred tax asset and liability amounts are as of December 31 of the respective...
-
Tim plays a computer game. Each game is a win or a loss. He wins three fifths of his first 40 games. He then wins his next 12 games. For all 52 games, Required: work out the ratio wins: losses Give...
-
Jean Honore, president of Fragonard Co., recently read an article that claimed that at least 100 of the countrys largest 500 companies were either adopting or considering adopting the last-in,...
-
What happens to the velocity of money (defined in the box on p. 93) when the economy moves along a given LM curve? Why does velocity behave this way?
-
Why are accruals called spontaneous sources of funds, what are their costs, and why dont firms use more of them? AppendixL01
-
Pierre Manufacturing Company has four operating divisions. During the first quarter of 2012, the company reported total income from operations of $61,000 and the following results for the divisions....
-
A. Compute the Debt-to-Equity ratio. B. Compute the Debt ratio. 2020 2019 479,892 $ 151,828 223,105 12,619 25,411 261,135 652,433 34,188 1,427,648 467,919 424,075 408,305 78,752 19,745 6,466 20,318...
-
Hunt Taxidermy, Inc., is concerned about the taxes paid by the company in 2021. In addition to $42.4 million of taxable income, the firm received $2,975,000 of interest on state-issued bonds and...
-
Casello Mowing & Landscapings year-end 2021 balance sheet lists current assets of $435,200, fixed assets of $550,800, current liabilities of $416,600, and long-term debt of $314,500. Calculate...
-
GPAs of students. At one university, the students are given z-scores at the end of each semester, rather than the traditional GPAs. The mean and standard deviation of all students cumulative GPAs, on...
-
Essay on: The Influence of Social Media on Individuals, Family, and Society. Also how social media influences us on a business end, how it influences us personally, and how they correlate.
-
A wastewater flow of 3550 m 3 /d is to be treated in a facultative pond system. The reaction rate coefficient at the average operating temperature is 0.35 d -1 . The pond system is assumed to behave...
-
Provide a brief overview using these environmental scanning steps as a guide: 1. Choose an industry of your interest such as technology, healthcare, retail, energy, etc. 2. Identify and briefly...
-
Your company is considering expanding into a new international market. Describe the market research you would conduct to evaluate the feasibility of entering this market, including factors such as...
-
Address the following from your Social Era research and the course scholarly literature: What are the key foundational underpinnings that shape the essence of what we call the social management era?...
-
What is a muller, and what function does it perform?
-
What types of questions can be answered by analyzing financial statements?
-
Why is it important to know a firms accounting rules before making any conclusions about its performance from ratios analysis?
-
A firm has an ROE of 20 percent. The industry average ROE is 12 percent. Is this a good or poor sign about the management of the firm?
-
What does it mean when a firm window dresses its financial statements?
-
Attached is an excel document for your use when completing the case assignment. This assignment must be completed in excel. You are required to use excel to manipulate the data provided in order to...
-
Does the audit risk model impact the confirmation process?
-
Under the ABC system costs are allocated to the customer. The cost allocation base or cost driver for each cost pool measures the amount of benefit received. In an ABC system where the customer is...
Study smarter with the SolutionInn App