(7) Calculate the following:

• EBIT (earnings before interest and income tax)
• Taxable income
• Item Taxes due assuming taxes are paid at a rate of 33%
• Net income
• The allocation of net income between dividends and addition to retained earnings

Once done, write a summary of approximately 150 words demonstrating your understanding of the methods used to create the figures.

Income	$ Million
Net Sale	13235
Cost of Good sold	8752
Selling, general & administrative expense	3182
Depreciation	361
EBIT	?
Interest Expense	135
Taxable Income	?
Taxes	?
Net Income	?
Allocation of Net Income	?
Dividends	?
Addition to Retained Earnings	?