Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

both pictures same question Oakdale Fashions, Inc.'s, 2021 income statement is reported below. (Use corporate tax rate of 21 percent for your calculations.) Oakdale Fashions,

both pictures same question
image text in transcribed
image text in transcribed
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 Het sales (all credit) $ 605,000 Less: Cost of goods sold 231,000 Gross profits $ 374,000 Les Other operating expenses 106,000 EBITDA $ 268,000 Less: Depreciation and amortization 16,600 EBIT $ 251,400 Lesst Interest B4,000 EBT $ 167,400 Less Taxes Net income 30 Determine the firm's 2021 tax liability Tax liability Determine the firm's 2021 net income Net Income Determine the firm's 2021 net income. 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

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions

Question

How will employees account for time worked?

Answered: 1 week ago