Which one of the following is the tax rate that applies to the next dollar of taxable income that a firm earns? Average tax rate Variable tax rate Marginal tax rate Absolute tax rate Contingent tax rate For the past year, LP Gas, Inc. had cash flow from assets of $38,100 of which $21,500 flowed to the firm's stockholders. The interest paid was $2,300. What is the amount of the net new borrowing? $14,300 $9.700 $12,300 $14,300 $18.900 An income statement prepared according to GAAP: reflects the net cash flows of a firm over a stated period of time. reflects the financial position of a firm as of a particular date. distinguishes variable costs from fixed costs. records revenue when payment for a sale is received. records expenses based on the matching principle. Lester's Fried Chick'n purchased its building 11 years ago at a cost of $139,000. The building is currently valued at $179,000. The firm has other fixed assets that cost $66,000 and are currently valued at $58,000. To date, the firm has recorded a total of $79,000 in depreciation on the various assets. The company has current liabilities of $36,600 and networking capital of $18,400. What is the total book value of the firm's assets? $181,000 $241,000 $331,000 $339,000 $379,000 Last year, The Pizza Joint added $4,100 to retained earnings from sales of $93,600. The company had costs of $74,400, dividends of $2,500, and interest paid of $1,400. The tax rate was 34 percent. What was the amount of the depreciation expense? $7.300 $7,500 $7,800 $8,100 $8.400 Which one of the following is the tax rate that applies to the next dollar of taxable income that a firm earns? Average tax rate Variable tax rate Marginal tax rate Absolute tax rate Contingent tax rate For the past year, LP Gas, Inc. had cash flow from assets of $38,100 of which $21,500 flowed to the firm's stockholders. The interest paid was $2,300. What is the amount of the net new borrowing? $14,300 $9.700 $12,300 $14,300 $18.900 An income statement prepared according to GAAP: reflects the net cash flows of a firm over a stated period of time. reflects the financial position of a firm as of a particular date. distinguishes variable costs from fixed costs. records revenue when payment for a sale is received. records expenses based on the matching principle. Lester's Fried Chick'n purchased its building 11 years ago at a cost of $139,000. The building is currently valued at $179,000. The firm has other fixed assets that cost $66,000 and are currently valued at $58,000. To date, the firm has recorded a total of $79,000 in depreciation on the various assets. The company has current liabilities of $36,600 and networking capital of $18,400. What is the total book value of the firm's assets? $181,000 $241,000 $331,000 $339,000 $379,000 Last year, The Pizza Joint added $4,100 to retained earnings from sales of $93,600. The company had costs of $74,400, dividends of $2,500, and interest paid of $1,400. The tax rate was 34 percent. What was the amount of the depreciation expense? $7.300 $7,500 $7,800 $8,100 $8.400