Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The table below contains data on Fincorp Inc. The balance sheet items correspond to values at year-end 2015 and 2016, while the Income statement Items

image text in transcribed

The table below contains data on Fincorp Inc. The balance sheet items correspond to values at year-end 2015 and 2016, while the Income statement Items correspond to revenues or expenses during the year ending in either 2015 or 2016. 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 Notes payable Dividends paid Cash and marketable securities 2015 $4,000 1,600 500 300 500 158 488 300 488 2016 $4,100 1,700 520 350 550 150 420 350 450 5. Bee 2,800 1,800 418 888 5,888 2,400 580 418 388 * Taxes are paid in their entirety in the year that the tax obligation is incurred 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? (Enter your answers as a percent rounded to 1 decimal place.) 2015 2016 96 96 Average tax rate

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Finance Applications and Theory

Authors: Marcia Cornett

4th edition

1259691411, 978-1259691416

More Books

Students also viewed these Finance questions