During 2018, Raines Umbrella Corp. had sales of $750,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $540,000, $85,000, and $190,000, respectively. In addition, the company had an interest expense of $65,000 and a tax rate of 21 percent. (ignore any tax loss carryforward provisions and assume interest expense is fully deductible.) Suppose the company paid out $68,000 in cash dividends. If spending on net fixed assets and n capital was zero, and if no new stock was issued during the year, what is the net new long-term debt? (Do not round intermediate calculations.) Net new long-term debt 8,000

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) $ 595,000   Less: Cost of goods sold   227,000   Gross profits $ 368,000   Less: Other operating expenses   102,000   EBITDA $ 266,000   Less: Depreciation and amortization   16,200   EBIT $ 249,800   Less: Interest   83,000   EBT $ 166,800   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.

The whole question is as follows: At the beginning of 2016, Norris Company had a deferred tax liability of $6,600, because of the use of MACRS depreciation for income tax purposes and units-of-production depreciation for financial reporting. The income tax rate is 30% for 2015 and 2016, but in 2015 Congress enacted a 39% tax rate for 2017 and future years. Norris’s accounting records show the following pretax items of financial income for 2016: income from continuing operations, $120,300 (revenues of $351,500 and expenses of $231,200); gain on disposal of Division F, $24,000; loss from operations of discontinued Division F, $11,500; and prior period adjustment, $14,100, due to an error that understated revenue in 2015. All of these items are taxable; however, financial depreciation for 2016 on assets related to continuing operations exceeds tax depreciation by $4,600. Norris had a retained earnings balance of $161,300 on January 1, 2016, and declared and paid cash dividends of $32,800…

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