Everybody’s Fitness's 2021 income statement is reported below (in millions of dollars) (Use corporate tax rate of 21 percent for your calculations.)   Everybody’s Fitness Income Statement for 2021 (in millions of dollars) Net sales (all credit) $ 1,085   Less: Cost of goods sold   480   Gross profits $ 605   Less: Other operating expenses   255   EBITDA $ 350   Less: Depreciation and amortization   92   EBIT $ 258   Less: Interest   115   EBT $ 143

Q: Oak Corporation has the following general business credit carryovers: 2016 $2,750 2017 8,250 2018…

A: As per section 39, The excess credit can be carried forward to the next 20 years if the carried…

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A: Net profit is one of the important measure of profitability of the business. High net profit means…

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Q: Power Company's income statement for 2021 is given below. If inventory balances are 10000 in 2021…

A: Cost of goods sold means that value of opening stock plus purchases minus closing stock.

Q: The preliminary 2021 income statement of Alexian Systems, Inc., is presented below: ALEXIAN SYSTEMS,…

A: Income Statement: An income statement is a financial statement that details the revenue and expenses…

Q: DICK Corp has the following data for the year ended December 31, 2021:…

A: Government Owned and Controlled Corporation (GOCC) According to Philippines taxation rules…

Q: Power Company's income statement for 2021 is given below. If inventory balances are 5000 in 2021 and…

A: Cost of goods sold = 55,000 Inventory balance in 2020 = 9,000 Inventory balance in 2021 = 5,000…

Q: Power Company's income statement for 2021 is given below. If inventory balances are 5000 in 2021 and…

A: The cash payment include the total payments made in cash during the period.

Q: Yaya Inc. has earnings before interest and taxes of P4,750,000. The company’s total depreciation and…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Power Company's income statement for 2021 is given below. If inventory balances are 10000 in 2021…

A: The question is multiple choice question  Required  Choose the Correct Option.

Q: JP Inc. had the following information expressed in millions of $: 2019 2020 Net Fixed Assets 2,000…

A: We need to find FCF to calculate the Intrinsic value of the firm:FCF 2020=After tax operating…

Q: Oakdale Fashions, Inc.’s, 2021 income statement is reported below. (Use corporate tax rate of 21…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: The Company reported post-tax profit of P491,400 for the year ended December 31, 2020.Cost of goods…

A: Profit before tax = post-tax profit / (1 - tax rate) = P491,400 / (1 - 0.30) = P702,000

Q: Lala Company reported the following information in 2021: ·       Sales revenue- P500,000 ·…

A: The net income will equal to all revenues minus all expenses

Q: The profit or loss section of the statement of comprehensive income of ITS NOT OK TO BE OK Company…

A: The cash flow statement is one of the financial statements of the business which keeps the record…

Q: Khobar Company started its business in February 2001 producing and selling mix of pharmaceutical…

A:

Q: 10 Antignolo Enterprises, Inc. (a corporation) reported the following information for 2020. Don't…

A: Net income is the total income generated during the year. It is calculated by deducting all…

Q: * 00 Oakdale Fashions, Inc. had $245,000 in 2018 taxable income. Using the tax schedule in Table 23…

A: Tax till $100,000 $22,250 $100,001 - $245,000 $145,000 x 39% = $56,550 Income Taxes $78,800

Q: Fragile Express Delivery Company’s earnings before interest and taxes (EBIT) was $725 million.…

A: NOPAT or net operating profit after taxes is calculated as EBIT less taxes on EBIT

Q: Using the Corporated Federal Income Tax Rate (2006), calculate the federal income tax that should be…

A: The following federal income tax rate (2006) table will be used:

Q: Momo’s Candy Inc.’s earnings before interest and taxes (EBIT) was $12 million. Assuming Momo’s…

A: NOPAT is calculated as EBIT less taxes on EBIT

Q: verybody’s Fitness's 2021 income statement is reported below (in millions of dollars) (Use corporate…

A: Comments; Multiple Questions Asked Net Tax Liability - it is the amount of tax payable to the…

Q: Oakdale Fashions, Inc.’s, 2021 income statement is reported below.       Oakdale Fashions, Inc.,…

A: Tax liability = EBT (Earning before tax) x Tax rate Tax liability, 2021 = $165,000 x 21% = $34,650…

Q: Diamond, Inc. had the following Income Statement at the end of the year. Compute Diamond's federal…

A: Gross profit. = $ 69000 Less salaries = $31000 Less rent. = $ 2000 Less business meal With clients.…

Q: SABM Co. reported net income of P2,100,000 for 2020 . It incurred operating expenses other than…

A: Relationship between Operating Expense and Gross Profit Cost of sales = Net sales - Gross profit We…

Q: henron, Inc. had pre-tax accounting income of P1,350,000 and a tax rate of 40% in 2020, its first…

A: PARTICULARS    AMOUNT IN (P) Pre-Tax Accounting income           P1,350,000…

Q: Santos Company had a 40 percent tax rate. Given the following pre-tax 21) amounts, what would be the…

A: Income tax is charged on the net income of the business. The net income is the Excess of revenue…

Q: During 2020, Coronado Inc. had sales revenue $1368000, gross profit $730300, operating expenses…

A: answer with explanation areas follows:

Q: You have been provided with the following information for Bee Ltd, a cIosely-neld priIvate company:…

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Q: Hunt Taxidermy, Inc., is concerned about the taxes paid by the company in 2021. In addition to $14.1…

A: Tax Liability: Tax liability is the amount of money you owe to tax authorities, such as your local,…

Q: Milton, Inc. provides the following income statement for​ 2025:   Net Sales ​$240,000 Cost of Goods…

A: Ratio analysis: This is the quantitative analysis of financial statements of a business enterprise.…

Q: Following is the income statement for Nordstrom Company. Assume that the combined federal and state…

A:

Q: Venus corp has the following income statement for the year 2020 Gross sales Sales return Sales…

A: Solution: Net income before tax = P25,000 Interest expense = P30,000 Earnings before interest and…

Q: Oak Corporation has the following general business credit carryovers: 2016 $7,250 2017 21,750 2018…

A: FIFO is the method of valuation of inventory in which the earliest inventory hold by the…

Q: Use the following information for Taco Swell, Inc., (assume the tax rate is 24 percent):      2017…

A: Balance Sheet Formula used in the above sheet

Q: 11. In 2019, LSP company reported a net income of $57,000. They had reported earnings before…

A: Net income = $57000 EBIT = $160,000 Tax rate = 40%

Q: Everybody’s Fitness's 2021 income statement is reported below (in millions of dollars) (Use…

A: The EF income statement is as follows:

Q: Oakdale Fashions, Inc.’s, 2021 income statement is reported below.   Oakdale Fashions, Inc.,…

A: The corporate tax rate is the tax to be paid by the corporations on their earnings. The corporate…

Q: Your firm has the following income statement items: sales of $50,250,000; income tax of $1,744,000;…

A: Sales = $50,250,000 Income tax = $1,744,000 Operating expenses = $10,115,000 COGS = $35,025,000…

Q: he Johnson's Company had net income(after tax) = 500,000 USD, Johnson's Company's income statement…

A: Times Interest Earned:- It is a ratio that helps in calculating the debt-paying capacity of a…

Q: Antignolo Enterprises, Inc. (a corporation) reported the following information for 2020. Don't…

A: Net income is calculated by deducting the operating expenses from operating revenues of the company.

Q: Isaac Inc. began operations in January 2021. For some property sales, Isaac recognizes income in the…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

Q: Kim Jin Woo Company reported post-tax profit of P491,400 for the year ended December 31, 2020. Cost…

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Q: A retailer has a gross sales of P1,400,000 with cost of sales of P560,000 and allowable deductions…

A: Tax is paid by the taxpayer on the taxable income. A taxpayer is the individual who has earned an…

Q: In 2021, Eric Corporation reported P90,000 net income before income taxes. The income tax rate for…

A: Solution: Current Tax = (90000-60000) * 30%  = 30000*30%  = 9000 DTA reversed = 60000*35%  = 21000

Q: FGH Corporation had the following in 2021: Sales P 3.4M; Cost of sales P 1.2M; Admin expense P 0.3M;…

A: Let's understand some basics Tax is a compulsory contribution to state revenue, levied by the…

Q: Oakdale Fashions, Inc.’s, 2021 income statement is reported below. (Use corporate tax rate of 21…

A: Calculate the tax liability for 2021:The tax liability for 2021 is $34,839.

Q: An analyst has collected the following information regarding YYYYY: Earnings before interest and…

A: Calculate the depreciation by deducting the amount of EBIT which is P700 million from the amount of…