Problem 3-4 Income Statement (L01) A firm's Income statement included the following data. The firm's average tax Cost of goods sold Income taxes paid Administrative expenses Interest expense Depreciation $ 8,100 $ 2.100 $ 3.100 $ 1.100 $ 1.100 a. What was the firm's net Income? Answer is complete but not entirely correct. Net income S 700 b. What must have been the firm's revenues? Answer is complete but not entirely correct. 15 8.100 Revenues c. What was EBIT? EBIT Problem 3-4 Income Statement (L01) A firm's income statement included the following data. The firm's average tax rate was 25%. Cost of goods sold Income taxes paid Administrative expenses Interest expense Depreciation $ 8,180 $ 2,100 $ 3,100 $ 1,180 $ 1,100 a. What was the firm's net income? Net income $ 700 b. What must have been the firm's revenues? Revenues S 3.100 c. What was EBIT? EBIT