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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..

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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F1.

Subject :- Finance 

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
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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