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 2021 Net sales (all credit) $ 635,000 Less: Cost of goods sold 243,000 Gross profits $ 392,000 Less: Other operating expenses 118,000 EBITDA $ 274,000 Less: Depreciation and amortization 17,800 EBIT $ 256,200 Less: Interest 87,000 EBT $ 169,200 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. (Round your answer to 2 decimal places.) Determine the firm's 2021 marginal tax rate.

          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)
$
635,000
Less: Cost of goods sold
243,000
Gross profits
$
392,000
Less: Other operating expenses
118,000
EBITDA
$
274,000
Less: Depreciation and amortization
17,800
EBIT
$
256,200
Less: Interest
87,000
EBT
$
169,200
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. (Round your answer to 2 decimal places.)
Determine the firm's 2021 marginal tax rate.

Added by Jennifer F.

Question

Please give Ace some feedback