A firm's income statement included the following data. The firm's average tax rate was 30%. (Round...

 

Transcribed Image Text:

A firm's income statement included the following data. The firm's average tax rate was 30%. (Round each step to the nearest dollar.) Cost of goods sold Income taxes paid Administrative expenses Interest expense Depreciation a. What was the firm's net income? Net income b. What must have been the firm's revenues? Revenues c. What was EBIT? EBIT $ 9,400.00 20,443.00 3,800.00 2,600.00 3,400.00 S A firm's income statement included the following data. The firm's average tax rate was 30%. (Round each step to the nearest dollar.) Cost of goods sold Income taxes paid Administrative expenses Interest expense Depreciation a. What was the firm's net income? Net income b. What must have been the firm's revenues? Revenues c. What was EBIT? EBIT $ 9,400.00 20,443.00 3,800.00 2,600.00 3,400.00 S

Answer rating: 100% (QA)

To calculate the firms net income we need to know the income taxes paid and the average tax rate The ... View the full answer