Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Compute NOPAT Using Tax Rates from Tax Footnote The income statement for The TJX Companies, Inc., follows. THE TJX COMPANIES, INC. Consolidated Statements of Income

Compute NOPAT Using Tax Rates from Tax Footnote The income statement for The TJX Companies, Inc., follows.

THE TJX COMPANIES, INC. Consolidated Statements of Income
Fiscal Year Ended ($ thousands) February 2, 2013
Net sales $25,878,372
Cost of sales, including buying and occupancy costs 18,521,400
Selling, general and administrative expenses 4,250,446
Provision (credit) for computer intrusion related costs -
Interest expense (revenue), net 29,175
Income from continuing operations before provision for income taxes 3,077,351
Provision for income taxes 1,170,664
Net income $ 1,906,687
U.S. federal statutory income tax rate 35.0%
Effective state income tax rate 4.2%
Impact of foreign operation -0.9%
All other -0.3%
Worldwide effective income tax rate 38.0%

Compute TJX's NOPAT for 2013 using its income tax footnote disclosure. (The Federal and State tax rate for 2013 as reported by TJX's tax footnote is: 39.2%). Round to the nearest whole number. 2013 NOPAT = ?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing An International Approach

Authors: Bahram Soltani

1st Edition

9780273657736

More Books

Students also viewed these Accounting questions

Question

Is Taxes on Factors building fixed, vamiable or mixed cost

Answered: 1 week ago

Question

x-3+1, x23 Let f(x) = -*+3, * Answered: 1 week ago

Answered: 1 week ago

Question

What abilities are possible because humans use symbols?

Answered: 1 week ago