Home /
Expert Answers /
Finance /
problem-3-4-income-statement-lo1-a-firm-39-s-income-statement-included-the-following-data-the-firm-3-pa745
(Solved): Problem 3-4 Income Statement (LO1) A firm's income statement included the following data. The firm' ...
Problem 3-4 Income Statement (LO1) A firm's income statement included the following data. The firm's average tax rate was \( 20 \% \). a. What was the firm's net income? b. What must have been the firm's revenues? c. What was EBIT?
Expert Answer
a). Net income is calculated below Income before tax =Income taxes paid/Tax rate=$2,8000.20=$14,000.00 Net income =Income before tax ? Income taxes pa