Question
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
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. 2015 2016 Revenue $ 4,400 $ 4,500 Cost of goods sold 1,500 1,600 Depreciation 480 500 Inventories 290 320 Administrative expenses 530 580 Interest expense 210 210 Federal and state taxes* 530 550 Accounts payable 280 340 Accounts receivable 440 480 Net fixed assets 4,500 5,270 Long-term debt 2,800 3,240 Notes payable 896 610 Dividends paid 440 440 Cash and marketable securities 870 510 * Taxes are paid in their entirety in the year that the tax obligation is incurred. Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed. What was the firms average tax bracket for each year? (Enter your answers as a percent rounded to 1 decimal places.)
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