Mariota Industries has sales of $304,940 and costs of $153,070. The company paid $24,070 in interest and $12,550 in dividends. It also increased retained earnings by $63,542 during the year. If the company's depreciation was $15,335, what was its average tax rate?
30.92%
32.34%
47.80%
24.13%
11.93%
Sales | 304,940 |
Less:cost | 153,070 |
Less:depreciation | 15335 |
EBIT | 136535 |
Less:interest expense | 24070 |
EBT(100%) | 112465 |
Less:tax(balance)(112465-76092) | 36373 |
Net income(63,542+12550) | 76092 |
Less:Dividends | 12550 |
Addition to retained earnings | 63,542 |
Hence average tax rate=Total taxes/EBT
=(36373/112465)
=32.34%(Approx).
Mariota Industries has sales of $304,940 and costs of $153,070. The company paid $24,070 in interest...
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