The Fitness Studio, Inc.'s 2018 income statemernt lists the following income and expenses

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The Fitness Studio, Inc.'s 2018 income statemernt lists the following income and expenses

The Fitness Studio, Inc.'s 2018 income statemernt lists the following income and expenses: EBIT $538,000, interesst expense $63,000, and net income $435,000.

Calculate the 2018 taxes reported on the income statement. (Enter your answer in dollars. Round your answer to the nearest dollar amount.)

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Answer 1

Answer #1

Net income =EBIT-Interest Expense-Taxes

Putting the values from the question here,

$435000= $538000-$63000-Taxes

Hence,

Taxes= $475000-435000= $40000

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Answer 2

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