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A firm’s income statement included the following data. The firm’s average tax rate was 25%.       Cost of goods sold $ 8,900     Income taxes paid 2,900     Administrative expenses 3,900     Interest expense 1,900     Depreciation 1,900     a. What was the firm’s net income?   Net income $    b. What must have been the firm’s revenues?   Revenues $    c. What was EBIT?   EBIT $

A firm’s income statement included the following data. The firm’s average tax rate was 25%.       Cost of goods sold $ 8,900     Income taxes paid 2,900     Administrative expenses 3,900     Interest expense 1,900     Depreciation 1,900     a. What was the firm’s net income?   Net income $    b. What must have been the firm’s revenues?   Revenues $    c. What was EBIT?   EBIT $

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...
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A firm’s income statement included the following data. The firm’s average tax rate was 25%.

   
  Cost of goods sold $ 8,900  
  Income taxes paid 2,900  
  Administrative expenses 3,900  
  Interest expense 1,900  
  Depreciation 1,900  
 

a. What was the firm’s net income?

  Net income $   

b. What must have been the firm’s revenues?

  Revenues $   

c. What was EBIT?

  EBIT $   
 
 
 
 
 
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