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all one question! Problem 2-8 Corporate Taxes (LG2-3) Everybody's Fitness's 2021 income statement is reported below (in millions of dollars) (Use corporate tax rate of
all one question!
Problem 2-8 Corporate Taxes (LG2-3) 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 millions of dollars) Net sales (all credit) $2,585 780 Less: Cost of goods sold. Gross profits Less: Other operating expenses $1,805 555 EBITDA $1,250 Less: Depreciation and amortization 392 EBIT $ 858 Less: Interest 415 EBT $ 443 Less: Taxes Net income $ Determine the firm's 2021 tax liability. (Enter your answer in dollars) Tax liability Determine the firm's 2021 net income. (Enter your answer in dollars) Net income Determine the firm's 2021 average tax rate. (Round your answer to 2 decimal places.) Average tax rate % Determine the firm's 2021 marginal tax rate. Marginal tax rate % Step by Step Solution
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