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Chapter $2$ Connect Homework

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Time Remaining $2$ hours $41$ minutes $14$ seconds

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Item $2$

Time Remaining $2$ hours $41$ minutes $14$ seconds

$02$:$41$:$14$

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

Oakdale Fashions, Incorporated, Income StatementNet sales $($all credit$)$$ $625,000$Less: Cost of goods sold$239,000$Gross profits$ $386,000$Less: Other operating expenses$114,000$EBITDA$ $272,000$Less: Depreciation and amortization$17,400$EBIT$ $254,600$Less: Interest$86,000$EBT$ $168,600$Less: Taxes$$Net income$

Determine the firm's tax liability.

Determine the firm's net income.

Determine the firm's average tax rate.

Determine the firm's marginal tax rate.

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