Problem $2-6$ Corporate Taxes $($LG$2-3)$

Oakdale Fashions, Incorporated$$s$,$ income statement is reported below. $($Use corporate tax rate of $21$ percent for your calculations.$)$

Oakdale Fashions, Incorporated, Income Statement

Net sales $($all credit$)$ $ $580,000$

Less: Cost of goods sold $221,000$

Gross profits $ $359,000$

Less: Other operating expenses $96,000$

EBITDA $ $263,000$

Less: Depreciation and amortization $15,600$

EBIT $ $247,400$

Less: Interest $81,500$

EBT $ $165,900$

Less: Taxes

Net income $

Determine the firm's tax liability.

Determine the firm's net income.

Determine the firm's average tax rate.

Determine the firm's marginal tax rate.