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If Cleveland Motors Had an EBIT of $22,977,400, Interest of $7,350,300 and is taxed at an...

If Cleveland Motors Had an EBIT of $22,977,400, Interest of $7,350,300 and is taxed at an average rate of 32% what is their Net Income?

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Answer #1
CLEVELAND MOTORS
CALCULATION OF NET INCOME
Particulars AMOUNT  
Earning Before interest and Taxes(EBIT) $        2,29,77,400
Less: Interest Expenses $            73,50,300
Earning befor taxes $        1,56,27,100
Less: Taxation @ 32% $            50,00,672
Net Income $        1,06,26,428
Answer = Net Income = $        1,06,26,428
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