Oakdale Fashions, Incorporateds, income statement is reported below. (Use corporate tax rate of 21 percent...
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Accounting
Oakdale Fashions, Incorporateds, income statement is reported below. (Use corporate tax rate of 21 percent for your calculations.)
| Oakdale Fashions, Incorporated, Income Statement | |
| Net sales (all credit) | $ 600,000 |
|---|---|
| Less: Cost of goods sold | 229,000 |
| Gross profits | $ 371,000 |
| Less: Other operating expenses | 104,000 |
| EBITDA | $ 267,000 |
| Less: Depreciation and amortization | 16,400 |
| EBIT | $ 250,600 |
| Less: Interest | 83,500 |
| EBT | $ 167,100 |
| Less: Taxes | |
| Net income | $ |
Determine the firm's tax liability.
Determine the firm's net income.
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