Oakdale Fashions, Inc.’s, 2021 income statement is reported below. Oakdale Fashions, Inc., Income Statement for 2021...
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 tax liability. (Round your answer to the nearest dollar amount.) Determine the firm's 2021 net income. (Round your answer to the nearest dollar amount.)
Homework Answers
Post December 31, 2017 the corporate tax rate is changed to 21% in US. So assuming that the company has its operations in USA, taxes payable is calculated as EBT * Tax rate
So Tax Payable = 165000 * 21% = $34,650
Net Income = EBT - Tax payable = 165000 - 34650= $130,350
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Oakdale Fashions, Inc.’s, 2021 income statement is reported
below. Oakdale Fashions, Inc., Income Statement for 2021...
5 points Item Skipped eBook Print References Item 20 Item 20 5 points Item Skipped Oakdale...
5 points Item Skipped eBook Print References Item 20 Item 20 5 points Item Skipped 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) $ 595,000 Less: Cost of goods sold 227,000 Gross profits $ 368,000 Less: Other operating expenses 102,000 EBITDA $ 266,000 Less: Depreciation and amortization 16,200 EBIT $ 249,800 Less: Interest 83,000 EBT $ 166,800 Less:...
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Please solve all
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Please solve all
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