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Oakdale Fashions, Inc.s 2021 income statement is reported below. (Use a corporate tax rate of 21 percent for your calculations.) Net sales (all credit) $575,000
Oakdale Fashions, Inc.s 2021 income statement is reported below. (Use a corporate tax rate of 21 percent for your calculations.) Net sales (all credit) $575,000 Less: Cost of goods sold $219,000 Gross profits $356,000 Less: Other operating expenses $94,000 EBITDA $262,000 Less: Depreciation and amortization $15,400 EBIT $246,600 Less: Interest $81,000 EBT $165,600 Less: Taxes Net income Determine the firms 2021 tax liability Determine the firms 2021 net income Determine the firms 2021 average tax rate Determine the firms 2021 marginal tax rate
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