The following comparative information is available for Larkspur, Inc. for 2022. LIFO FIFO Sales revenue $91,000 $91,000 Cost of goods sold 40,000 31,600 Operating expenses (including depreciation) 27,000 27,000 Depreciation 10,000 10,000 Cash paid for inventory purchases 18,920 18,920 Determine net income under each approach. Assume a 30% tax rate. LIFO FIFO Net income $ $ Determine net cash provided by operating activities under each approach. Assume that all sales were on a cash basis and income taxes and operating expenses, other than depreciation, were on a cash basis. LIFO Net cash provided by operating activities $ FIFO Calculate the quality of earnings ratio under each approach. (Round answers to 2 decimal places, e.g. 5.15.) LIFO Quality of earnings ratio FIFO

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Oakdale Fashions, Inc.’s, 2021 income statement is reported below. (Use corporate tax rate of 21 percent for your calculations.)   Oakdale Fashions, Inc., Income Statement for 2021 Net sales (all credit) $ 580,000   Less: Cost of goods sold   221,000   Gross profits $ 359,000   Less: Other operating expenses   96,000   EBITDA $ 263,000   Less: Depreciation and amortization   15,600   EBIT $ 247,400   Less: Interest   81,500   EBT $ 165,900   Less: Taxes       Net income $         Determine the firm's 2021 tax liability.     Tax liability

The following table shows an abbreviated income statement and balance sheet for Quick Burger Corporation for 2022. INCOME STATEMENT OF QUICK BURGER CORPORATION, 2022 Net sales Costs Depreciation (Figures in $ millions) Earnings before interest and taxes (EBIT) Interest expense Pretax income $ 27,572 17,574 1,407 $ 8,591 522 8,069 Federal taxes (@ 21%) Net income 1,694 $ 6,375 BALANCE SHEET OF QUICK BURGER CORPORATION, 2022 (Figures in $ millions) Assets Current assets Cash and marketable securities Receivables Inventories Other current assets Total current assets Fixed assets Property, plant, and equipment Intangible assets (goodwill) Other long-term assets Total assets 2022 2021 Liabilities and Shareholders' Equity Current liabilities 2022 2021 $ 2,341 $ 2,341 Debt due for repayment 1,380 127 1,094 $ 4,942 1,340 Accounts payable 122 Total current liabilities $ 3,408 $ 3,408 $ 382 3,148 $ 3,530 621 $ 4,424 Long-term debt $ 24,682 2,809 2,988 $ 22,840 Other long-term liabilities 2,658…