Assuming a tax rate of 30%, what is the EBIT and taxable income for the year?

A) $1,000,000 and $800,000 respectively
B) $575,000 and $375,000 respectively
c) $565,000 and $365,000 respectively
D) $425,000 and $225,000 respectively
E) None of the above

How on earth could we possibly help you with no income statement data given?

To determine the EBIT (Earnings Before Interest and Taxes) and taxable income for the year, we need to follow a specific calculation process.

1. Start with the taxable income.
2. Apply the tax rate to the taxable income to calculate the tax expense.
3. Subtract the tax expense from the taxable income to find the EBIT.

Let's go through the calculation with the given options:

A) $1,000,000 and $800,000 respectively:
To find the taxable income:
Taxable Income = EBIT - Tax Expense
$800,000 = $1,000,000 - ($1,000,000 x 30%)
$800,000 = $1,000,000 - $300,000
$800,000 = $700,000 (Incorrect)

B) $575,000 and $375,000 respectively:
$375,000 seems to be the taxable income, but to verify it, let's do the calculation in reverse:
$575,000 = $375,000 + ($375,000 x 30%)
$575,000 = $375,000 + $112,500
$575,000 = $487,500 (Incorrect)

C) $565,000 and $365,000 respectively:
$365,000 seems to be the taxable income, let's verify:
$565,000 = $365,000 + ($365,000 x 30%)
$565,000 = $365,000 + $109,500
$565,000 = $474,500 (Incorrect)

D) $425,000 and $225,000 respectively:
$225,000 seems to be the taxable income, let's verify:
$425,000 = $225,000 + ($225,000 x 30%)
$425,000 = $225,000 + $67,500
$425,000 = $292,500 (Incorrect)

E) None of the above:
Based on the calculations, none of the options provided matches the correct values for EBIT and taxable income. Therefore, the correct option is E) None of the above.

Please note that there could be other factors involved in the calculation of EBIT and taxable income, such as interest expenses or deductions, which may affect the final results.