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A firm's income statement included the following data. The firm's average tax rate was 25%.
Cost of goods sold
$ 9,500
Income taxes paid
3,500
Administrative expenses
4,500
Interest expense
2,500
Depreciation
a. What was the firm's net income?
Net income
b. What must have been the firm's revenues?
Revenues
c. What was EBIT?
EBIT
Illustrate what would expected net income be if the company experienced a 10 percent increase in fixed costs and 10 percent increase in sales volume?
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