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 Accounts payable Accounts receivable Net fixed assets Long-term debt 2021 $ 4,000 1,900 440 290 400 110 350 330 380 5,500 2,900 821 2022 $4,100 2,000 460 340 440 850 450 110 370 405 440 6,340 3,330 520 440 460 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..
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 Accounts payable Accounts receivable Net fixed assets Long-term debt 2021 $ 4,000 1,900 440 290 400 110 350 330 380 5,500 2,900 821 2022 $4,100 2,000 460 340 440 850 450 110 370 405 440 6,340 3,330 520 440 460 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..
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
F1.
Subject :- Finance
Transcribed Image Text: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
Accounts payable
Accounts receivable
Average tax rate
2021
$ 4,000
1,900
440
290
408
2021
110
358
%
330
380
Net fixed assets
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.
5,500
2,900
821
440
850
2022
$ 4,100
2,000
460
340
450
t 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.
2022
110
378
405
440
6,340
3,330
520
440
460
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