Homework 01. A fim had a taxable income of $76,000. What taxes did the fim pay under the flat tax system 21% rate? What tax did the fum pay under the progressive tax system? What were the ancrage and marginal tax rates Tax Rate Taxable income $ 0-5 50,00 75,00 15% 25% 34% 2 Balance Sheet 2012 1206 4173 Current sets Net fixed 2018 1307 S 2018 541 02 482 262 Current liabilities Long term debe 2795 2018 Income Statement Sales Costs Depreciation Interest paid 15301 7135 1363 388 Answer the following questions 1. What is owners' equity for 2017 and 2018? 2. What is the change in networking capital for 2018? 3. I 2018, this firm purchased $2,496 in new fixed assets. How much in fixed assets did the firm sell? What is the cash flow from assets for the year? The tax rate is 21 percent. 4. During 2018, the fimm raised SS04 in new long-term deb. How much long-term debe must the firm have paid off during the year? What is the cash flow to creditors! Homework 01. A fim had a taxable income of $76,000. What taxes did the fim pay under the flat tax system 21% rate? What tax did the fum pay under the progressive tax system? What were the ancrage and marginal tax rates Tax Rate Taxable income $ 0-5 50,00 75,00 15% 25% 34% 2 Balance Sheet 2012 1206 4173 Current sets Net fixed 2018 1307 S 2018 541 02 482 262 Current liabilities Long term debe 2795 2018 Income Statement Sales Costs Depreciation Interest paid 15301 7135 1363 388 Answer the following questions 1. What is owners' equity for 2017 and 2018? 2. What is the change in networking capital for 2018? 3. I 2018, this firm purchased $2,496 in new fixed assets. How much in fixed assets did the firm sell? What is the cash flow from assets for the year? The tax rate is 21 percent. 4. During 2018, the fimm raised SS04 in new long-term deb. How much long-term debe must the firm have paid off during the year? What is the cash flow to creditors