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Last year Sanderson, Inc. had sales of $3.1 million. The firm's cost of goods sold came to $2.1 million, its operating expenses excluding depreciation of
Last year Sanderson, Inc. had sales of $3.1 million. The firm's cost of goods sold came to $2.1
million, its operating expenses excluding depreciation of $100,000 were $397,000, and the firm paid $146,000 in interest on its bank loans. Also, the corporation received $45,000 in dividend income (from a company in which it owned less than 20 percent of its shares) but paid $28,000 in the form of dividends to its own common stockholders. What are the firm's average and marginal tax rates?
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