The table below contains data on Fincorp Incorporated. The balance sheet items correspond to values at year-end 2021 and 2022, while the income statement items correspond to revenues or expenses during the year ending in either 2021 or 2022. All values are in thousands of dollars. Revenue Cost of goods sold Depreciation Inventories Administrative expenses Interest expense Federal and state taxes* Average tax rate 2021 2021 $ 5,600 1,800 % 420 250 410 220 790 Accounts payable Accounts receivable Net fixed assetst Long-term debt Notes, payable Dividends paid Cash and marketable securities *Taxes are paid in their entirety in the year that the tax obligation is incurred. † Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed. What was the firm's average tax rate for each year? Note: Enter your answers as a percent rounded to 1 decimal places. 280 450 4,900 2,000 1,010 320 800 2022 $ 5,700 1,900 2022 440 285 460 220 810 325 525 5,530 2,410 740 320 390
The table below contains data on Fincorp Incorporated. The balance sheet items correspond to values at year-end 2021 and 2022, while the income statement items correspond to revenues or expenses during the year ending in either 2021 or 2022. All values are in thousands of dollars. Revenue Cost of goods sold Depreciation Inventories Administrative expenses Interest expense Federal and state taxes* Average tax rate 2021 2021 $ 5,600 1,800 % 420 250 410 220 790 Accounts payable Accounts receivable Net fixed assetst Long-term debt Notes, payable Dividends paid Cash and marketable securities *Taxes are paid in their entirety in the year that the tax obligation is incurred. † Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed. What was the firm's average tax rate for each year? Note: Enter your answers as a percent rounded to 1 decimal places. 280 450 4,900 2,000 1,010 320 800 2022 $ 5,700 1,900 2022 440 285 460 220 810 325 525 5,530 2,410 740 320 390
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 47P
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