Oakdale Fashions, Inc.'s, 2021 income statement is reported below. (Use corporate tax rate of 21 percent...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/664fda8993fed_321664fda89323d1.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/664fda8a2a436_321664fda89bff72.jpg)
Transcribed Image Text:
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) Less: Cost of goods sold Gross profits Less: Other operating expenses EBITDA Less: Depreciation and amortization EBIT Less: Interest EBT Less: Taxes Net income $ 600,000 229,000 $ 371,000 104,000 $ 267,000 16,400 $ 250,600 83,500 $167,100 $ Determine the firm's 2021 tax liability. Tax liability 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 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 % 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) Less: Cost of goods sold Gross profits Less: Other operating expenses EBITDA Less: Depreciation and amortization EBIT Less: Interest EBT Less: Taxes Net income $ 600,000 229,000 $ 371,000 104,000 $ 267,000 16,400 $ 250,600 83,500 $167,100 $ Determine the firm's 2021 tax liability. Tax liability 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 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 %
Expert Answer:
Posted Date:
Students also viewed these corporate finance questions
-
Kiki purchases a $16,000 bond from Green Corp. on January 1, 2021. The bond has a 10% annual interest rate. On December 1, 2021, Kiki gifts the bond to her son, Branson. How much income is reported...
-
In the text we discussed the market for oil assuming zero production costs, but now suppose that it is costly to get the oil out of the ground. Suppose that it costs $5 dollars per barrel to extract...
-
What might be some of the challenges in pursuing a health in all policies approach?
-
Identify the goods. Items are identified with the appropriate stock-keeping unit (SKU) number (part number) and the quantity received is recorded. LO.1
-
What is the largest percentage fee that a client who currently is lending (y < 1) will be willing to pay to invest in your fund? What about a client who is borrowing (y > 1)? For Challenge Problems...
-
b. Compute and evaluate the change in cost per equivalent unit for direct materiats and conversion from the previous month (luly). If required, round your answers to Equivalent Units Equivalent Units...
-
Financial statements of Par Corp. and its subsidiary Star Inc. on December 31, Year 12, are shown below: Note 1: Dividends on preferred shares are two years in arrears. On this date, Par acquired...
-
RHODE ISLAND CORPORATION has two divisions, A and B, which manufacture bicycles.Division A produces the bicycle frame, and Division B assembles the rest of the bicycle. There is a market for both the...
-
The financial statements for the Columbia Sportswear Company can be found in Appendix A, and Under Armour, Inc.'s financial statements can be found in Appendix B at the end of this book. Required a....
-
Use the data from SE3-8 to prepare the closing entries for The Decade Company. Close the temporary accounts to income summary. The balance of \(\$ 8,500\) in the retained earnings account is from the...
-
Adjusting Entries The following selected accounts appear in the Birch Company's unadjusted trial balance as of December 31, the end of the fiscal year (all accounts have normal balances): Required...
-
Closing Entries Use the information provided in E3-5A to prepare journal entries to close the accounts using the Income Summary account. After these entries are posted, what is the balance in the...
-
Ceva, Inc. manufactures and services jet engines for air carriers. The engines cost \($10\) to \($40\) million each, depending on the specifications and plane. A 10-year service contract for a single...
-
Cite / Construct three (3) examples of situation that can be observed in your community involving bivariate data. Then answer the following questions. What are the variable present in your examples?...
-
What kind of rays are X-rays?
-
(*) Re-write Equations 3.4 for the case where the policy structure includes an EEL deductible, a limit L, an annual aggregate deductible AAD, and an annual aggregate limit AL.
-
Identify two constraints in accounting. AppendixLO1
-
A medium-sized UK-based insurance company underwrites mainly commercial and industrial property and motor and liability insurance. Outline, with reasons, the types of reinsurance it is likely to buy...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App