Everybodys Fitness 2021 Income Statement is reported below (in millions of dollars). Determine the firms 2021 tax
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Everybody’s Fitness 2021 Income Statement is reported below (in millions of dollars).
Determine the firm’s 2021 tax liability, net income, average tax rate, and marginal tax rate.
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Net sales (all credit) Less: Cost of goods sold Gross profits Less: Other operating expenses Earnings before interest, taxes, depreciation, and amortization (EBITDA) Less: Depreciation and amortization Earnings before interest and taxes (EBIT) Less: Interest Earnings before taxes (EBT) Less: Taxes Net income 2021 $885 440 445 215 230 52 178 75 103 $
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With 230000000 of EBITDA Everybodys Fitness is allowed to deduct only 69000...View the full answer
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Related Book For
Finance Applications And Theory
ISBN: 9781260013986
5th Edition
Authors: Marcia Cornett, Troy Adair, John Nofsinger
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