Business, 22.02.2020 02:54 jdodger5165
Bullseye, Inc.'s 2008 income statement lists the following income and expenses: EBIT = $901,000, Interest expense = $86,500, and Net income = $571,500. What is the 2008 Taxes reported on the income statement?
Answer from: myjavier
The answer is $243,000
Explanation:
Earnings Before Interest and Tax(EBIT) is $901,000
Interest expense is $86,500
Therefore, earnings before tax equals $901,000 - $86,500 = $814,500
Net income equals earnings before tax minus tax paid.
So lets rearrange;
Tax paid equals earnings before tax minus net income
Tax paid =$814,500 - $571,500
=$243,000.
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