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20 May, 01:27

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?

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  1. 20 May, 04:57
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    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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Home » Business » 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?
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