Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On its 2020 Balance Sheet, Liddle Inc. reported Currents Assets of $215,000, Net Fixed Assets of $1,300,000, Long-Term Debt of $780,000, and Total Equity of

On its 2020 Balance Sheet, Liddle Inc. reported Currents Assets of $215,000, Net Fixed Assets of $1,300,000, Long-Term Debt of $780,000, and Total Equity of $600,000. On the 2021 Balance Sheet, Net Fixed Assets are $1,150,000 and Net Working Capital is $240,000.

On the 2021 Income statement, the firm reported Sales of $2,550,000, Earnings Before Interest and Taxes of $1,435,000 and Depreciation of $225,000.

In 2021, the firms Cash Flow from Assets was $1,209,250.

What were the firms Taxes in 2021? ? [Present the answer rounded to the nearest dollar, e.g. 359462]

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions