What is the difference between Average and Marginal Tax rate? Please give examples. (10 Marks)

b) Based on the following information of Kelly and Co. prepare an Income Statement for 2000 and Balance Sheet for 2019 & 2020. Use the tax rate of 35%. (10 Marks)

	2019	2020
	Amt. in $	Amt. in $
Sales	3,790	3,990
Cost of Goods Sold	2,043	2,137
Depreciation	975	1,108
Interest	225	267
Dividends	200	225
Current Assets	2,140	2,346
Net Fixed Assets	6,770	7,087
Current Liabilities	994	1,126
Long Term Debt	2,869	2,958