The table below contains data on Fincorp, Inc., the balance sheet items correspond to values at year-end of 2010 and…
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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.
| Revenue | $3,300 | $3,400 |
| Cost of goods sold | 1,250 | 1,350 |
| Depreciation | 430 | 450 |
| Inventories | 385 | 520 |
| Administrative expenses | 430 | 480 |
| Interest expense | 80 | 80 |
| Federal and state taxes* | 330 | 350 |
| Accounts payable | 385 | 520 |
| Accounts receivable | 502 | 620 |
| Net fixed assets†| 4,300 | 5,030 |
| Long-term debt | 1,300 | 1,700 |
| Notes payable | 1,085 | 770 |
| Dividends paid | 270 | 270 |
| Cash and marketable securities | 730 | 230 |
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| * 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. |
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What was the firm’s average tax bracket for each year? (Round your answers to 2 decimal places.) |
| Average Tax Bracket | |
| 2010 | [removed] % |
| 2011 | [removed] % |
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