Question
Everybodys Fitness's 2021 income statement is reported below (in millions of dollars) (Use corporate tax rate of 21 percent for your calculations.) Everybodys Fitness Income
Everybodys Fitness's 2021 income statement is reported below (in millions of dollars) (Use corporate tax rate of 21 percent for your calculations.)
| Everybodys Fitness Income Statement for 2021 (in millions of dollars) | |||
| Net sales (all credit) | $ | 1,385 | |
| Less: Cost of goods sold | 540 | ||
| Gross profits | $ | 845 | |
| Less: Other operating expenses | 315 | ||
| EBITDA | $ | 530 | |
| Less: Depreciation and amortization | 152 | ||
| EBIT | $ | 378 | |
| Less: Interest | 175 | ||
| EBT | $ | 203 | |
| Less: Taxes | |||
| Net income | $ | ||
Determine the firms 2021 tax liability.
Determine the firms 2021 net income.
Determine the firms 2021 average tax rate. (Round your answer to 2 decimal places.)
Determine the firms 2021 marginal tax rate.
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Audit Criteria For Electronic Document Management Processes And Associated IT Solutions
Authors: Alexander D Balzer, Dr Klaus-Peter Elpel, Volker Feist
5th Edition
3932898281, 978-3932898280
