Oakdale Fashions, Inc.’s, 2021 income statement is reported below. Oakdale Fashions, Inc., Income Statement for 2021 Net sales (all credit) $ 565,000 Less: Cost of goods sold 215,000 Gross profits $ 350,000 Less: Other operating expenses 90,000 EBITDA $ 260,000 Less: Depreciation and amortization 15,000 EBIT $ 245,000 Less: Interest 80,000 EBT $ 165,000 Less: Taxes 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. Oakdale Fashions, Inc., Income Statement for 2021 Net sales (all credit) $ 565,000 Less: Cost of goods sold 215,000 Gross profits $ 350,000 Less: Other operating expenses 90,000 EBITDA $ 260,000 Less: Depreciation and amortization 15,000 EBIT $ 245,000 Less: Interest 80,000 EBT $ 165,000 Less: Taxes 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.
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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Oakdale Fashions, Inc.’s, 2021 income statement is reported below.
Oakdale Fashions, Inc., Income Statement for 2021
Net sales (all credit) $ 565,000
Less: Cost of goods sold 215,000
Gross profits $ 350,000
Less: Other operating expenses 90,000
EBITDA $ 260,000
Less:
EBIT $ 245,000
Less: Interest 80,000
EBT $ 165,000
Less: Taxes
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.
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