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

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Oakdale Fashions, Incorporated's, income statement is reported below. (Use corporate tax rate of 21 percent for your calculations.) Oakdale Fashions, Incorporated, Income Statement Net sales (all credit) Less: Cost of goods sold Gross profits Less: Other operating expenses EBITDA Less: Depreciation and amortization EBIT $ 590,000 225,000 $ 365,000 100,000 $ 265,000 16,000 Less: Interest EBT Less: Taxes $ 249,000 82,500 $ 166,500 $ Net income Determine the firm's tax liability. > Answer is complete but not entirely correct. Tax liability $ 34,965 X Determine the firm's net income. Answer is complete but not entirely correct. Net income $ 131,535 X Determine the firm's average tax rate. Answer is complete and correct. Average tax rate 21 % Determine the firm's marginal tax rate. > Answer is complete but not entirely correct. Marginal tax rate 27 % Oakdale Fashions, Incorporated's, income statement is reported below. (Use corporate tax rate of 21 percent for your calculations.) Oakdale Fashions, Incorporated, Income Statement Net sales (all credit) Less: Cost of goods sold Gross profits Less: Other operating expenses EBITDA Less: Depreciation and amortization EBIT $ 590,000 225,000 $ 365,000 100,000 $ 265,000 16,000 Less: Interest EBT Less: Taxes $ 249,000 82,500 $ 166,500 $ Net income Determine the firm's tax liability. > Answer is complete but not entirely correct. Tax liability $ 34,965 X Determine the firm's net income. Answer is complete but not entirely correct. Net income $ 131,535 X Determine the firm's average tax rate. Answer is complete and correct. Average tax rate 21 % Determine the firm's marginal tax rate. > Answer is complete but not entirely correct. Marginal tax rate 27 %

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EBT 166500 Tax rate ... View the full answer