Oakdale Fashions, Inc.'s, 2021 income statement is reported below. (Use corporate tax rate of 21 percent...

 

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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 20211 Net sales (all credit). $ Less: Cost of goods sold Gross profits Less: Other operating expenses EBITDA Less: Depreciation and amortization EBIT Less: Interest EBT Less: Taxes Net income Determine the firm's 2021 tax liability. Answer is complete but not entirely correct. Tax liability $ 35,091 Determine the firm's 2021 net income. Answer is complete but not entirely correct. Net income $ 132,009 600,000 229,000 $371,000 104,000 $ 267,000 16,400 $ 250,600 83,500 $ 167,100 $ 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 20211 Net sales (all credit). $ Less: Cost of goods sold Gross profits Less: Other operating expenses EBITDA Less: Depreciation and amortization EBIT Less: Interest EBT Less: Taxes Net income Determine the firm's 2021 tax liability. Answer is complete but not entirely correct. Tax liability $ 35,091 Determine the firm's 2021 net income. Answer is complete but not entirely correct. Net income $ 132,009 600,000 229,000 $371,000 104,000 $ 267,000 16,400 $ 250,600 83,500 $ 167,100 $

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SOLUTION To determine Oakdale Fashions Incs 2021 tax liability we n... View the full answer