BOD CORPORATION Balance Sheets as of December 31, 2014 and 2015 (s in millions) 2014 2015 2015 Current Liabilities Assets Current Assets Cash Accounts Receivable Inventory Total $ 2014 Liabilities and Owners' Equity Accounts Payable $ 310 Notes Payable 200 Total 3 510 $ 190 700 480 $ 1.370 $ 250 800 550 $ 1,610 350 225 575 $ Fixed Assets Net Fixed Assets 450 $ $ 500 $ 1.670 $ 2.130 Long Term Debt Owners' Equity Common stock plus paid in surplus Retained Earnings Total 700 1,380 S2080 800 1.865 $ 2,665 Total liabilities and owners' equily $ 3,040 $ 3.740 $3.040 $ 3.740 3) Using Total Assets capital for 2015 BOD CORPORATION 2015 Income Statement (5 in Millions) Net Sales Cost of Goods Sold Depreciation EBIT Interest Pald Taxable income Taxes Net Income $ 2,500 1.251 98 $ 1.211 50 $ 1,155 347 808 Dividends Addition to Retained Eamings 323 485 7) Using the attached financials calculate Bod Corps Average tax rate for 2015