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) $ 2,085
Less: Cost of goods sold 680
Gross profits $ 1,405
Less: Other operating expenses 455
EBITDA $ 950
Less: Depreciation and amortization 292
EBIT $ 658
Less: Interest 315
EBT $ 343
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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