Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Oakdale Fashions, Incs. 2021 Income statement is reported below. (Use corporate tax rate of 21 percent for your calculations) Dakdale Fashions, Inc., Income Statement for
Oakdale Fashions, Incs. 2021 Income statement is reported below. (Use corporate tax rate of 21 percent for your calculations) Dakdale Fashions, Inc., Income Statement for 2021 Net sales (all credit) $ 590,000 Less: Cost of goods sold 225,000 Gross profits $365,000 Less: Other operating expenses 100,000 EBITDA $ 265,000 Less: Depreciation and amortization 16,000 EBIT $ 249,000 Less: Interest 82,500 EBT $ 166,500 Less: Taxes Net income Determine the firm's 2021 tax liability Answer is complete but not entirely correct. Tox liability $ 34 965 Determine the firm's 2021 net income. Answer is complete but not entirely correct. Net income 131,535 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 %
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started