Question

During the year, Belyk Paving Co. had sales of $2,500,000. Cost of goods sold, administrative and selling expenses, and depre
Duela Dent is single and had $184.000 in taxable income. Use the rates from Table 2.3. (Do not round intermediate calculation
TABLE 2.3 Tax Rate Taxable income 10% 12 Personal tax rates for 2018 (unmarried Individuals) 0- 9,525 9,525- 38,700 38,700 82
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Answer #1

P&L statement-

Sales 2500000
Less: COGS 1352000
Less: Admin & selling expenses 665000
EBITDA 483000
Less: Depreciation 465000
EBIT 18000
Less: Interest 290000
EBT -272000
Less: Tax @ 25% -68000
Net income -204000

Operating Cash flow = EBIT - Taxes + depreciation = 18000 + 68000 + 465000 = $551000

Duela Dent taxable income = $184000

using tax table, tax liabilities are 9525*.1 + (38700-9525)*.12 + (82500-38700)*0.22 + (157500-82500)*.24 + (184000-157500)*0.32 = $40569.50

So her total income tax = $40569.50

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