The table below contains data on Fincorp, Inc., the balance sheet items correspo

Question

The table below contains data on Fincorp, Inc., the balance sheet items correspond to values at year-end of 2010 and 2011, while the income statement items correspond to revenues or expenses during the year ending in either 2010 or 2011. All values are in thousands of dollars.

What was the firm’s average tax bracket for each year? (Round your answers to 2 decimal places.)

The table below contains data on Fincorp, Inc., the balance sheet items correspond to values at year-end of 2010 and 2011, while the income statement items correspond to revenues or expenses during the year ending in either 2010 or 2011. All values are in thousands of dollars.

Explanation / Answer

29.73%

[330*100/1110]

33.65%

[350*100/1040]

Year 2010 2011 Revenue 3300 3400 cost of goods sold (1250) (1350) Depreciation (430) (450) Administration expenses (430) 480) Interest expense (80) (80) Earning before tax 1110 1040 Tax paid 330 350 Average rate =tax paid*100/Earning before tax

29.73%

[330*100/1110]

33.65%

[350*100/1040]

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