12:21 SmartBook Chapter 12 Question Completion Status: the three variables you need to find EBIT. QUESTION 14 10 points Save Answer Let's do some calculations... A firm has $5,097 in Net Sales and Total Operating Expenses (cost of goods sold and other operating expenses) are $1,862. Depreciation Expense is $992. Interest expense is $254 and the firm has a tax rate of 12.1%. Calculate the firm's EBIT Be mindful of what information is required to calculate this variable. Your answer should be in dollars ($200 or 200 are both acceptable formats) QUESTION 15 10 points Save Answer More Income Statement Practice A firm has $6,324 in Net Sales and Operating Expenses are $1,625. Depreciation Expense is $586. Interest expense is $241 and the firm has $853.2 in taxes. Calculate the firm's Net Income. Include a negative if appropriate. 1. first find EBIT 2. next subtract Interest 3. then subtract taxes Your answer should be in dollars ($200 or 200 are both acceptable formats) QUESTION 16 10 points Save Answer Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit