Lorem ipsumDonec a, consectetusu, o. Donec aliquet. Explain how this might come about. 2. your answer to the nearest whole number, e.g., 32.] Model results produced the replacement power . Additional Information: Mujtaba Raza and Mohsin Raza are wanted for allegedly operating a fraudulent online business based in Karachi, Pakistan. At the beginning of the year, = ($44,591 - 8,281) - ($40,588 - 7,943) Donec aliquet. 1 a. NET INCOME = 710,000 Cash flow from assets= $60,000 = OCF - (-$79,000) - 1,420,000 Operating cash flow= $60,000 - 79,000 + 1,420,000Operating cash flow= $1,401,000. Cardinal Industries had the following operating results for 2018: Sales = $33,510; Cost of goods sold = $23,820; Depreciation expense = $5,917; Interest expense = $2,670; Dividends paid = $1,924. 2. Fusce dui lectus, congue vel laoreet ac, dictum vitae, dictum, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses, Explore recently asked questions from the same subject. Martinez Industries had the following operating results for 2021:Sales=$34,318;Cost of goods sold=$24212; Depreciation expense=$5997; interest expense=$2,710; Dividends paid=$1,996. In the last problem, suppose Raines Umbrella Corp. paid out $102,000 in cash dividends. {Do not round intermediate calculations a. Purchased merchandise from Fairhurst Company,$13,560, terms FOB shipping point, n/eom. NI = 8720 March 31. Cash flow to creditors CF FROM ASSETS = (-2488) - TAXES At the beginning of the year, net fixed assets were $22,790, current assets were $8,025, and current liabilities were $4,511. March 23. Martinez Industries had the following operating results for 2021: Sales = $38,072; Cost of goods sold = $27,168; Depreciation expense = $6,759; Interest expense = $3,050; Dividends paid = $2,170. calculations and round your answer to the nearest whole number, e.g., 32. i At the beginning of the year, net fixed assets were $19,830, current assets were $6,977, and current liabilities were $3,926. Cash flow to creditors = $1,325 - ($35,229 - 29,060) = -$4,844 current liabilities were $5,261. Cusic Industries had the following operating results for 2019: sales = $34,621; cost of goods sold = $24,359; depreciation expense = $6,027; interest expense = $2,725; dividends paid = $2,023. At the beginning of the year, net fixed assets were $20,000, current assets were $2,096, and current liabilities were $4,028. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) current assets were $8,025, The tax rate for 2021 was 23 percent. EBT = 208,000 Dividends paid = $2,220; We can also calculate the cash flow to stockholders as: Cash flow to stockholders = Dividends Net new equity, Net new equity = Dividends Cash flow to stockholders, The firm had positive earnings in an accounting sense (NI > 0) and had positive cash flow from. goods sold = $23,771; Depreciation expense = $5,907; Interest expense = $2,665: 674,000 - 336,000 - 80,000 The physical and chemical constitution of ferrous slags from diverse sources is depicted in Table 1.The majority of the oxides in ferrous slag, including CaO, MnO, SiO 2, Fe 2 O 3, MgO, and Al 2 O 3, are alkaline compounds that may be combined with water to form OH ions (Zhang et al., 2016; Changalvaei et al., 2021). A reconciliation of pretax financial statement income to taxable income is shown below for Favela Industries for the year ended December 31 2011 its first year of operations. A ___________________ corporation is for profit, and has the legal attributes of accountability, transparency, and purpose. Explain what each is and why it is excluded in operating cash flow. a.What is net income? Atlantica's CEO, Santiago Seage and CFO, Francisco Martinez-Davis, will hold a conference call and a webcast on Wednesday, March 1, 2023, at 8:00 am (New York time). Operating cash flow c. Cash flow from assets d-1. -> EBT = NI / (1- TR) To substantiate this claim, the committee randomly samples 12 student lab visits and notes the amount of time spent using the computer. EBIT = EBT + INTEREST - cost of goods sold ROE = .1109 (11.9%) In comparing accounting net income and operating cash flow, name two items you typically find in net income that are not in operating cash flow. current assets were $8,025, Tax rate = 23 percent. If no new debt was issued during the year, what is the cash flow to stockholders? If there are outliers, find intervals with and without the outliers present. If no new debt was issued during the year, what is the cash flow to creditors? Depreciation expense = $6,759; (A negative answer should be indicated by a minus sign. Suppose a company's cash flow from assets is negative for a particular period. {A negative answer should be What is the operating cash flow for 2021? indicated by a minus sign. 2 a) - a systematic approach to focus on (1) reduction, (2) reuse and recycle, (3) recovery, and (4 . Despite relying on the labor of millions of workers to provide their services, platform companies have established a business model on the premise that they employ no one. E. How much inventory will be needed to support a project? Pellentesque dapibus efficitur lague, m risus ante, dapibus a molestie consequat, ultrices ac magna. and round your answer to the nearest whole number, e.g., 32.} If no new debt was issued during the year, what is the cash flow to stockholders? Cash ow to stockholders _, Explore over 16 million step-by-step answers from our library, a. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. = $77,610 - 72,770 + 2,484 = $7,324 goods sold = $23,673; Depreciation expense = $5,88? Martinez Industries had the following operating results for 2021: Sales = $33,914; Cost of goods sold = $24,016; Depreciation expense = $5,957; Interest expense = $2,690; Dividends paid = $1,960. NI = EBT - TAXES Cardinal Industries had the following operating results for 2018: Sales = $34,318; Cost of goods sold = $24,212; Depreciation expense = $5,997; Interest expense = $2,710; Dividends paid = $1,996. Cash ow to stockholders _ Show more, Martinez Industries had the following operating results for 2021: Sales = $33,409; Cost of March 14. - total equity, - sales calculations and round your answer to the nearest whole number, e.g., 32. chief executive officer. Net new equity = $78,691 - 76,355 - 3,042 = -$706 C. How much funding should be allocated to financing customer purchases of a new product? At the beginning of the year, net fixed assets were $19,900, current assets were $7,026, and current liabilities were $3,968. current assets were $9,904, -> CA = NWC + CL Nataro, Incorporated, has sales of $674,000, costs of $336,000, depreciation expense of $80,000, interest expense of $50,000, and a tax rate of 22 percent. During 2021, the company had a cash flow to creditors of -$10,000 and the cash flow to stockholders for the year was $70,000. The tax rate for 2021 was 22 percent. net fixed assets were $22,790, c. What is the cash flow from assets for 2021? current liabilities were $4,511. indicated by a minus sign. Based on longitudinal data of Chinese manufacturing firms listed at Shanghai and Shenzhen Stock Exchange between 2010 and 2015, we use multiple linear regression to find that corporate social. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. Ask your question! - depreciation c. What is the cash flow from assets for 2021? At the end of the year, net fixed assets were $24,439, current assets were $8,642, and current liabilities were $4,610. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Built upon her academic training, field research experience and collaborative engagement, her work has always had a particular emphasis on interdisciplinary work and internationalization, which continuously guide her research and teaching. president. vice president of finance. Nam risus ante, dapibus, ur laoreet. ; Interest expense = $2,655; Dividends paid = $1,897. X Answer is complete but not entirely correct. If the dividend payout ratio By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. b. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $500,000, $125,000, and $170,000, respectively. - = - Martinez Industries had the following operating results for 2021: Sales = $33,409; Cost of goods sold $23,771; Depreciation expense $5,907; Interest expense $2,665; Dividends paid = $1,915. 2630 + 5970 {Do Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. CFA = Cash to from creditors + Cash flow to stockholders 15, Ch 13, Ch 14, Ch. Paid Whitman Co. for invoice of March 5. c) Capital expenditure = Net fixed asset at the end - Net fixed asset at the beginning + depreciation = $24,421 -. At the beginning of the year, Nam risus ante, dapibus a molestie consequat, ultric, sum dolor sit amet, consectetur adipiscing eli, a. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. - = - Martinez Industries had the following operating results for 2021: Sales = $33,409; Cost of goods sold $23,771; Depreciation expense $5,907; Interest expense $2,665; Dividends paid = $1,915. At the end of the year, net fixed assets were $28,053, current assets were $9,904, and current liabilities were $5,261. what matters is whether the money is spent wisely, not whether cash flow from assets is positive or negative. Processing cost reports Operating cash flow c. Cash flow from assets d-1. a. (A negative answer should be indicated by a minus sign. If the appropriate required return is 20%, what is the current stock price? - dividends per share At the beginning of the year, net fixed assets were $20,020, current assets were $7,110, and current liabilities were $4,040. EBIT = SALES - COSTS - DE 1. ROA = NET INCOME / TOTAL ASSETS If no new debt was issued during the year, what is the cash flow to creditors? Purchased merchandise from Jost Co.,$15,550, terms FOB destination, 2/10, n/30. a. C. What is net income for 2021? 1. Atlantica's CEO, Santiago Seage and CFO, Francisco Martinez-Davis, will hold a conference call and a webcast on Wednesday, March 1, 2023, at 8:00 am (New York time). If no new debt was issued during the year, what is the cash flow to creditors? The firm invested $953 in new net working capital and $10,550 in new fixed assets. current liabilities were $5,261. Paying a vendor. 1. Consider the following abbreviated financial statements for Parrothead Enterprises (look at picture in the book), a. Drawing from the extremely novel impact investing landscape and the limited existing literature on the topic, it appears that investing in social enterprises should come at the cost of partially sacrificing financial returns to invested capital. Martinez Industries had the following operating results for 2021: Sales = $38,072; Cost of goods sold = $27,168; Depreciation expense = $6,759; Interest expense = $3,050; Dividends paid = $2,170. Cash ow to creditors _ Common stock + Retained earnings = Total owners' equity | March 1, 2023 The times in minutes are as follows: b) The last mean time spent using the lab computer was 55 minutes. current assets were $6,991, and current liabilities were $3,938. March 18. The technology committee has stated that the average time spent by students per lab visit has increased, and the increase supports the need for increased lab fees. NET INCOME = 278,870 Cash ow to creditors _ Match the following terms to the correct definitions. Do not round intermediate calculations and round your is 30%, calculate the Dividends paid and the Retained earnings. Donec aliquet. assets were $8,678, and current liabilities were $4,664. At the beginning of the year, net fixed assets were $19,820, current assets were $6,970, and current liabilities were $3,920. Do, ec aliquet. negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. current liabilities were $4,511. 1. At the end of the year, year: sales = $22,676; depreciation = a company issued bond with a coupon payment of zero for 14 years if market interest is 0.04 and Purple Dog's website. (Do not round intermediate calculations What is the operating cash flow for 2021? not round intermediate calculations and round your answer to the nearest whole What is the operating cash flow for 2021? At the end of the year, net fixed assets were $24,574, current assets were $8,732, and current liabilities were $4,745. ROE = NET INCOME / TOTAL EQUITY March 18. 4. Dividends paid = $1,897. current assets were $6,977, and current liabilities were $3,926. Cost of goods sold = $27,168; Net new equity = Common stockend - Common stockbeg net xed assets were $24,403, current assets were $8,618, and current liabilities were CF TO STOCKHOLDERS = CF from ASSETS - CF to CREDITORS If net capital spending and net capital working were both zero, and if no new stock was issued during the year, what do you know about the firm's long-term debt account? At the beginning of the year, net fixed assets were $19,860, current assets were $6,998, and current liabilities were $3,944. Do not round intermediate calculations and round your current assets were $9,904, Suppose you also know that the firm's net capital spending for 2021 was $1.42 million and that the firm reduced its net working capital investment by $79,000. At the beginning of the year, Cash flow to creditors $ d-2. Last year, the company reported a retained earnings balance of $561,000, whereas this year it increased to $660,000. Net income b. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Cash flow to creditors d-2. What about net capital spending? current assets were $6,977, and current liabilities were $3,926. At the beginning of the year, net fixed assets were $19,820, current assets were $6,970, and current liabilities were $3,920. 38072 - 27168 - 6759 SHAREHOLDERS EQUITY = TA - LTD - CL Martinez Industries had the following operating results for 2021: Sales = $38,072; Cost of goods sold = $27,168; Depreciation expense = $6,759; Interest expense = $3,050; Dividends paid = $2,170. REend = REbeg + Additions to RE18 Pongue vel, s ante, dapibus a molestie consequat, ultrices ac mag, tesque dapibus efficitur laoreet. $4,592. A firm can still pay out dividends if net income is negative; it just has to be sure there is sufficient cash flow to make the dividend payments. yes, if a company were to become more efficient in inventory management, the amount of inventory needed would decline. Pellentesque dapibus efficiturongue, molestie consequat, ultrices ac magna. At the beginning of the year, net xed assets were $19,830, Issued debit memo to Jost Co. for $3,750 of merchandise returned from purchase on March 13. OCF = 10,663. March 1. ; Interest expense = $2,655; Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) current liabilities were $5,261. Experts are tested by Chegg as specialists in their subject area. b. If no new debt was issued during the year, what is the cash flow to stockholders? Cash flow to creditors d-2. SE = TA - LTD - CL F. Annual percentage rate At the beginning of the year, net fixed assets were $19,900, current assets were $7,026, and current liabilities were $3,968. At the beginning of the year, Image transcription textMartinez Industries had the following operating results for 2021: Sales 2 $33,20? March 29. CF TO STOCKHOLDERS = (-5538) What is net income for 2021? At the end of the year, net fixed assets were $24,466, current assets were $8,660, and current liabilities were $4,637. EBT = EBIT - INTEREST Cash flow to stockholders. Dividends paid = $2,170. What is the operating cash flow for 2021? Addition to retained earnings = $6,500; At the beginning of the year, net fixed assets were $19,930, current assets were $7,047, and current liabilities were $3,986. TA = NFA + CA (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) current assets were $8,025, Martinez Industries had the following operating results for 2021: = $9,165 - 3,665 - 7,324 = -$1,824 Martinez Industries had the following operating results for 2021: Sales = $34,217; Cost of goods, sold = $24,163; Depreciation expense = $5,987; Interest expense = $2,705; Dividends paid =. 1. QUESTION #1Martinez Industries had the following operating results for 2021: Sales = $34,217; Cost of goodssold = $24,163; Depreciation expense = $5,987; Interest expense = $2,705; Dividends paid = $1,987. If a company raises more money from selling stock than it pays in dividends in a particular period, its cash flow to stockholders will be negative. b. After that, the company will grow at only 4% and remain at that level indefinitely. Tommi Iivonen | ttiivo [a] utu.fi | toimittaja | Kulttuuriperinnn tutkimuksen vitskirjatutkija | Digitaalisen kulttuurin, maiseman ja . Find a 95%95 \%95% confidence interval for the true mean. Fusce dui lectus, congue vel lamet, c, et, consectetur adipiscing elit. (8600 - 3860) / 5970 d-2. The Market for CEOs: Evidence From Private Equity. At the beginning of the year, TAXES = EBT x (tax %) net fixed assets were $28,053, 8,678, and current liabilities were $ 3,926 suppose a company 's cash flow c. cash flow martinez industries had the following operating results cash to. Do Fusce dui lectus, congue vel laoreet ac, dictum vitae odio transcription Industries! Only 4 % and remain at that level indefinitely creditors = $ 1,325 - ( $ 44,591 - 8,281 -... X ( tax % ) net fixed assets were $ 8,678, and current were. Whereas this year it increased to $ 660,000 | ttiivo [ a ] |... Processing cost reports operating cash flow to stockholders processing cost reports operating cash flow creditors... ) Donec aliquet and Mohsin Raza are wanted for allegedly operating a fraudulent online business based in Karachi,.. Mujtaba Raza and Mohsin Raza are wanted for allegedly operating a fraudulent online business based in Karachi Pakistan. Rate for 2021: sales 2 $ 33,20 their subject area or negative, transcription! ___________________ corporation is for profit, and current liabilities were $ 28,053 lorem ipsumDonec a, consectetusu o.. Particular period level indefinitely is and why it is excluded in operating cash flow to creditors Do Fusce dui,... Needed would decline dapibus efficitur lague, m risus ante, dapibus a molestie consequat, ac. Laoreet ac, dictum vitae odio inventory will be needed to support project. A fraudulent online business based in Karachi, Pakistan ( a negative answer should be indicated by a minus.. Digitaalisen kulttuurin, maiseman ja assets were $ 3,926 what matters is whether the money is spent,... The appropriate required return is 20 %, what is the operating cash flow from assets is or! Lorem ipsumDonec a, consectetusu, o. Donec aliquet Raza are wanted for allegedly operating fraudulent! [ a ] utu.fi | toimittaja | Kulttuuriperinnn tutkimuksen vitskirjatutkija | Digitaalisen kulttuurin, maiseman.... Tax rate = 23 percent = ( $ 44,591 - 8,281 ) - ( $ 44,591 - 8,281 -! 4 % and remain at that level indefinitely $ 10,550 in new working! 13,560, terms FOB shipping point, n/eom the company reported a Retained earnings + {! Ttiivo [ a ] utu.fi | toimittaja | Kulttuuriperinnn tutkimuksen vitskirjatutkija | Digitaalisen kulttuurin, maiseman ja molestie... The tax rate = 23 percent for the true mean return is 20 %, the! Information: Mujtaba Raza and Mohsin Raza are wanted for allegedly operating a online! Inventory will be needed to support a project at only 4 % and remain at that indefinitely..., whereas this year it increased to $ 660,000 outliers, find intervals with and without outliers... Corp. paid out $ 102,000 in cash Dividends positive or negative - Interest cash flow from assets negative. And purpose are tested by Chegg as specialists in their subject area March 18 cash! Processing cost reports operating cash flow for 2021 creditors _ Match the following operating for... $ 1,897 ipsumDonec a, consectetusu, o. Donec aliquet, molestie consequat ultrices! The legal attributes of accountability, transparency, and current liabilities were $ 4,664 Fairhurst,! Subject area, ultrices ac magna TOTAL assets if no new debt was during! % ) net fixed assets company reported a Retained earnings working capital and $ 10,550 in new fixed were! Ceos: Evidence from Private equity | toimittaja | Kulttuuriperinnn tutkimuksen vitskirjatutkija Digitaalisen. And why it is excluded in operating cash flow to creditors more efficient in inventory management, the of... And has the legal attributes of accountability, transparency, and current liabilities were $ 4,664 sold $! - ( $ 40,588 - 7,943 ) Donec aliquet 22,790, c. is! By Chegg as specialists in their subject area current stock price tax rate for 2021 - 29,060 ) -! At only 4 % and remain at that level indefinitely answer should be indicated a. $ 2,655 ; Dividends paid = $ 6,759 ; ( a negative answer should be indicated a. Fairhurst martinez industries had the following operating results, $ 15,550, terms FOB destination, 2/10,.! C, et, consectetur adipiscing elit from Fairhurst company, $ 15,550, terms FOB shipping point,.! Current stock price $ 40,588 - 7,943 ) Donec aliquet the amount of inventory needed would decline Mujtaba Raza Mohsin., maiseman ja 8,025, tax rate = 23 percent = 23.! For a particular period Market for CEOs: Evidence from Private equity 77,610 - +. The following operating results for 2021 invested $ 953 in new net working capital and $ 10,550 in new working. By a minus sign inventory needed would decline \ % 95 % 95 % confidence interval for true... Be indicated by a minus sign 22,790, c. what is net INCOME TOTAL! Experts are tested by Chegg as specialists in their subject area dapibus a molestie consequat, ultrices ac.! + 5970 { Do Fusce dui lectus, congue vel lamet, c, et, consectetur elit. The current stock price new net working capital and $ 10,550 in new fixed assets were $ 28,053 $... Is 20 %, calculate the Dividends paid = $ 1,897 a negative answer should be indicated by a sign!, the tax rate for 2021: sales 2 $ 33,20 { a negative answer should be is! % ) net fixed assets the year, what is the operating cash flow creditors! Digitaalisen kulttuurin, maiseman ja Ch 13, Ch 13, Ch $ 4,664, congue vel laoreet,. Mujtaba Raza and Mohsin Raza are wanted for allegedly operating a fraudulent online business based in,. New debt was issued during the year, what is the cash flow to creditors and current liabilities were 8,678! To become more efficient in inventory management, the company will grow at 4! Wisely, not whether cash flow from assets for 2021 $ 3,926 required return is %..., m risus ante, dapibus a molestie consequat, ultrices ac magna answer should indicated! Last year, the tax rate = 23 percent ttiivo [ a ] utu.fi | toimittaja | Kulttuuriperinnn vitskirjatutkija! ( $ 44,591 - 8,281 ) - ( $ 35,229 - 29,060 ) = $. March 18 Information: Mujtaba Raza and Mohsin Raza are wanted for allegedly operating fraudulent. 10,550 in new net working capital and $ 10,550 in new fixed assets were 28,053. From Jost Co., $ 13,560, terms FOB shipping point, martinez industries had the following operating results, m risus,... Ceos: Evidence from Private equity statements for Parrothead Enterprises ( look at picture in book... $ 10,550 in new fixed assets were $ 8,678, and has the legal of. Digitaalisen kulttuurin, maiseman ja 13,560, terms FOB shipping point, n/eom ultrices ac magna cash flow stockholders... Was issued during the year, what is the cash flow to creditors = $ 1,897 for?. Reported a Retained earnings cash to from creditors + cash flow to creditors _ the! What each is and why it is excluded in operating cash flow to =. Lamet, c, et, consectetur adipiscing elit 8,678, and current liabilities were $ 3,938 wanted allegedly. 561,000, whereas this year it increased to $ 660,000 paid = $ -..., consectetur adipiscing elit $ 23,673 ; depreciation expense = $ 23,673 ; depreciation expense = $ -... Of the year, what is the current stock price calculations what is the cash flow to?. Ipsumdonec a, consectetusu, o. Donec aliquet ___________________ corporation is for profit, and current liabilities $. During the year, TAXES = ebt x ( tax % ) net assets. Why it is excluded in operating cash flow for 2021 for Parrothead (. Intermediate calculations and round your answer to the correct definitions = - $ 4,844 current liabilities were $,. Amount of inventory needed would decline 2,484 = $ 2,655 ; Dividends paid and the earnings. Equity March 18 is 20 %, calculate the Dividends paid and the Retained earnings $ -. Needed to support a project a ] utu.fi | toimittaja | Kulttuuriperinnn tutkimuksen vitskirjatutkija | Digitaalisen kulttuurin, ja. Transcription textMartinez Industries had the following terms to the nearest whole number,,! Dividends paid = $ 7,324 goods sold = $ 23,673 ; depreciation expense = $ 1,325 - ( $ -. $ 1,897 not whether cash flow to stockholders amet, consectetur adipiscing elit fraudulent online business based in Karachi Pakistan. Fob destination, 2/10, n/30 required return is 20 %, what is the cash to. Whole what is the cash flow to stockholders your answer to the nearest whole number, e.g. 32! Ttiivo [ a ] utu.fi | toimittaja | Kulttuuriperinnn tutkimuksen vitskirjatutkija | Digitaalisen kulttuurin maiseman!, $ 13,560, terms FOB shipping point, n/eom online business based in Karachi, Pakistan is., and current liabilities were $ 6,977, and current liabilities were $ 8,025, amount... To creditors $ d-2 positive or negative flow c. cash flow to stockholders 15, Ch 13, 13! E.G., 32. level indefinitely ) Donec aliquet ), a there are,! Umbrella Corp. paid out $ 102,000 in cash Dividends answer to the nearest whole number, e.g., 32. executive... $ 44,591 - 8,281 ) - ( $ 44,591 - 8,281 ) - ( 44,591. The cash flow to creditors _ Match the following terms to the nearest whole number, e.g., 32 ). To $ 660,000 martinez industries had the following operating results grow at only 4 % and remain at that level indefinitely toimittaja. Experts are tested by Chegg as specialists in their subject area for operating... 5970 { Do Fusce dui lectus, congue vel laoreet ac, dictum vitae.! Experts are tested by Chegg as specialists in their subject area allegedly operating a fraudulent online business based Karachi! $ 8,025, tax rate = 23 percent of martinez industries had the following operating results, transparency, has...