Problem $1($Reference Ch $3)$

Reference the following financial information for Vikings Corp:

$\backslash$table$[[,2013,2014],[$Revenue$,$$$4,000,$$$4,100],[$Cost of goods sold,$1,600,1,700],[$Depreciation$,500,520],[$Inventories$,300,350],[$Administrative expenses,$500,550],[$Interest expense,$150,150],[$Federal and state taxes $(1),400,420],[$Accounts payable,$300,350],[$Accounts receivable,$400,450],[$Net fixed assets $(2),5,000,5,800],[$Long$-$term debt,$2,000,2,400],[$Notes payable,$1,000,600],[$Dividends paid,$410,410],[$Cash and marketable securities$,800,300]]$

$(1)$ Taxes are paid in their entirety in the year that the tax obligation is incurred.

$(2)$ Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed.

$1.$ Income vs$.$ Cash Flows. Construct a Statement of Cash Flows for $2014.$

$2.$Tax Rate. What was the firm$$s average tax rate for each year?