Question: 2. Explain why the income statement is not a good representation of cash flow. Given the tax rates as shown, what is the average tax

2. Explain why the income statement is not a good representation

2. Explain why the income statement is not a good representation of cash flow. Given the tax rates as shown, what is the average tax rate and marginal tax rate for a firm with taxable income of $218,700? 3. Tax Rate Taxable Income $0-50,000 50,001-75,000 75,001-100,000 100,001 -335,000 15 25 34 39

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