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You only need to compute 2009. Also, you are required to only compute rates using the AVERAGE balance sheet figures.
P8-12 Alteration to assignment: You only need to compute 2009. Also, you are required to only compute rates using the AVERAGE balance sheet figures. (The original problem requires both average and year end, your requirement is using the average.) For part b you will obviously not be able to comment on the differences between the two methods, just comment on the year to year change.To further clarify with an example, You will take the year beginning and ending numbers and average them together. For instance, average total assets is 859,000 + 861,000 divide by 2 equals the average of 860,000. For item 10, the tax rate is 33%.
