Question: a) What is the difference between Average and Marginal Tax rate? Please give examples. (10 Marks) b) Based on the following information of Kelly and

a) What is the difference between Average and Marginal Tax rate? Please give examples. (10 Marks) b) Based on the following information of Kelly and Co prepare an Income Statement for 2000 and Balance Sheet for 2019 & 2020. Use the tax rate of 35%. (10 Marks) Sales Cost of Goods Sold Depreciation Interest Dividends Current Assets Net Fixed Assets Current Liabilities Long Term Debt 2019 Amt. in s 3,790 2,043 975 225 200 2.140 6,770 994 2,869 2020 Amt, in s 3,990 2,137 1.108 267 225 2.346 7.087 1,126 2,958 Q2 B. (20 Marks) a) What is the difference between Average and Marginal Tax rate? Please give examples. (10 Marks) b) Based on the following information of Kelly and Co. prepare an Income Statement for 2000 and Balance Sheet for 2019 & 2020. Use the tax rate of 35%, (10 Marks) Sales Cost of Goods Sold Depreciation Interest Dividends Current Assets Net Fixed Assets Current Liabilities Long Term Debt 2019 Amt, in s 3.790 2,043 975 225 200 2,140 6,770 994 2.869 2020 Amt. in s 3,990 2,137 1,108 267 225 2,346 7,087 1,126 2,958

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