Problem 2-8 Corporate Taxes (LG2-3) Everybody's Fitness's 2021 income statement is reported below (in millions of dollar

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Problem 2 8 Corporate Taxes Lg2 3 Everybody S Fitness S 2021 Income Statement Is Reported Below In Millions Of Dollar 1 (27.23 KiB) Viewed 111 times

Problem 2-8 Corporate Taxes (LG2-3) Everybody's Fitness's 2021 income statement is reported below (in millions of dollars) (Use corporate tax rate of 21 percent for your calculations.) Everybody's Fitness Income Statement for 2021 (in millions of dollars) Net sales (all credit) $ 2,785 Less: Cost of goods sold 820 Gross profits $1,965 Los other operating expenses 595 EBITDA $1,370 Less Depreciation and amortization EBIT Less Interest $ 432 938 455 483 $ EBT LASS Taxes Net income $ Determine the firm's 2021 tax liability Tax liability 202,000,000 Determine the firm's 2021 net income Net Income