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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
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 | |||
Net sales (all credit) | $ | 585,000 | |
Less: Cost of goods sold | 223,000 | ||
Gross profits | $ | 362,000 | |
Less: Other operating expenses | 98,000 | ||
EBITDA | $ | 264,000 | |
Less: Depreciation and amortization | 15,800 | ||
EBIT | $ | 248,200 | |
Less: Interest | 82,000 | ||
EBT | $ | 166,200 | |
Less: Taxes | |||
Net income | $ | ||
Determine the firm's 2021 tax liability.
Determine the firm's 2021 net income.
Determine the firm's 2021 average tax rate. (Round your answer to 2 decimal places.)
Determine the firm's 2021 marginal tax rate.
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