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.

Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter6: Accounting For Financial Management
Section: Chapter Questions
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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.

 

 

 

 

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