Oakdale Fashions, Inc.'s, 2021 income statement is reported below. (Use corporate tax rate of 21 percent...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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 2021 Net sales (all credit) $ Less: Cost of goods sold 660,000 253, 000 407,000 128, 000 Gross profits $ Less: Other operating expenses EBITDA $ 279, 000 Less: Depreciation and amortization 18, 800 EBIT Less: Interest EBT Less: Taxes: Net income. Determine the firm's 2021 tax liability. Tax liability Determine the firm's 2021 net income. Net income $ 260, 200 89, 500 $ 170, 700 $ 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 2021 Net sales (all credit) $ Less: Cost of goods sold 660,000 253, 000 407,000 128, 000 Gross profits $ Less: Other operating expenses EBITDA $ 279, 000 Less: Depreciation and amortization 18, 800 EBIT Less: Interest EBT Less: Taxes: Net income. Determine the firm's 2021 tax liability. Tax liability Determine the firm's 2021 net income. Net income $ 260, 200 89, 500 $ 170, 700 $
Expert Answer:
Answer rating: 100% (QA)
To calculate the firms 2021 tax liability Taxable Income EBT 89500 Corporate Tax ... View the full answer
Related Book For
Finance Applications And Theory
ISBN: 9781260013986
5th Edition
Authors: Marcia Cornett, Troy Adair, John Nofsinger
Posted Date:
Students also viewed these accounting questions
-
The figure shows a turbine-driven pump that provides water, at high pressure, to a tank located 25-m higher than the pump. Steady-state operating data for the turbine and the pump are labelled on the...
-
A city employee is tasked with taking, recording and depositing payments from citizens for parking tickets. Instead, the employee takes the cash payments for themself and deletes the parking tickets...
-
Swift - iOS Xcode 9.4 Write a function that: - takes in an array of integers and separates each element ofthe array into odd and even numbers - then splits the array into lists that are sorted in...
-
Power lines carry electricity to your house at high voltage. This problem investigates the reason for that. Suppose a power plant produces 800 kW of power and wants to send that power for many miles...
-
I'm trying to teach myself python and I found an exercise I'd like to understand better " try making a program, using random numbers, that will generate the sum of two randomly found prime numbers bet
-
Inventory Turnover Calculate the company's inventory turnover for 2019 and compare the result to the industry average. Use the following financial data for Brenner Instruments Sales revenue.. Cost of...
-
Cosi Company reported net income of $190,000 for 2014. Cosi also reported depreciation expense of $35,000 and a loss of $5,000 on the disposal of plant assets. The comparative balance sheet shows an...
-
Management in the News The April 2010 explosion of British Petroleum's (BP) Deepwater Horizon oil-drilling rig, and the accompanying oil spill, dramatically chang external environment in which all...
-
In 2023, Lisa and Fred, a married couple, have taxable income of $400,000. If they were to file separate tax returns, Lisa would have reported taxable income of $225,000 and Fred would have reported...
-
I posted part A snd B for context and reference to part C (c) On July 1, 2025, Wildhorse paid Third National all that was due from the loan it secured on April 1, 2025. Prepare the journal entry to...
-
Explain the major differences between domestic capital budgeting and international capital budgeting? Is it possible for MNC's to actually lower their discount rate using international projects?
-
The 7.62x39 cartridge, with a 124 grain projectile with a BC of .275, is a good choice for long range competition shooting. The 7.62x39 cartridge, with a 124 grain projectile with a BC of .275, is a...
-
What is the Net Present Value of the following cash flow stream? Year Cash Flow 0 -$3,421 1 $2,474 2 $1,382 3 $3,413 4 $2,306 Assume an interest rate of 16%.
-
It can be easy to go into debt by using a credit card unwisely. However, as technology advances and we're able to pay with our phone or our watch, we're relying more and more on credit cards as a...
-
Make a Financial Analysis for a Boba Shop: 1. highlight the key financial figures here to show that the proposal is financially viable.While the technical details go in exhibits, which can use key...
-
Suppose you work fulltimeandthis job is generating a stable income for you.You are planning to start saving for your retirement.You are going to deposit$800every month into a saving account from now...
-
At 31 December 20X9, the end of the annual reporting period, the accounts of Huron Company showed the following: a. Sales revenue for 20X9, $ 2,950,000, of which one- quarter was on credit. b....
-
Assess the risk-return relationship in T-bills (Tables) during each decade since 1950.
-
You are considering an investment in Fields and Struthers, Inc., and want to evaluate the firms free cash flow. From the income statement, you see that Fields and Struthers earned an EBIT of $62...
-
Consider a firm with an EBIT of $550,000. The firm finances its assets with $1,000,000 debt (costing 5.5 percent) and 200,000 shares of stock selling at $12.00 per share. The firm is considering...
-
The chart below summarizes the U.S. exchange traded companies that issued corrections to their financial statements during the years 2001 through 2014. The data was compiled by Audit Analytics and...
-
Earnings management may be used to avoid a technical default of a covenant under a loan agreement. Loan covenants are written into loan agreements in order to protect a lender from various actions...
-
Presented below is a list of accounting events for the Longo Corporation. Classify each of the events as an operating (O) activity event, an investing (I) activity event, a financing (F) activity...
Study smarter with the SolutionInn App