Question
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) | $ | 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 firm's 2021 tax liability.
Determine the firm's 2021 net income.
Determine the firm's 2021 average tax rate.
Determine the firm's 2021 marginal tax rate.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Oakdale Fashions Inc 2021 Income Statement Analysis Based on the provided income statement informati...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 StartedRecommended Textbook for
Finance Applications And Theory
Authors: Marcia Cornett, Troy Adair, John Nofsinger
5th Edition
1260013987, 9781260013986
Students also viewed these Accounting questions
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
View Answer in SolutionInn App