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Mariota Industries has sales of $380,080 and costs of $178,290. The company paid $32,390 in interest and $14,500 in dividends. It also increased retained earnings by $69,626 during the year. Of the company's depreciation was $19,820, what was its average tax rate

Respuesta :

jepessoa

Answer:

tax rate = 43.76%

Explanation:

Mariota's net income before taxes = $380,080 - $178,290 - $19,820 - $32,390  = $149,580

Mariota's net income after taxes = $69,626 + $14,500 = $84,126

$149,580 x (1 - tax rate) =  $84,126

1 - tax rate = $84,126 / 149,580 = 0.5624

1 - tax rate = 0.5624

1 - 0.5624  = tax rate

tax rate = 0.4376 = 43.76%

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