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Consider the following income statement and comparative balance sheet. Compute the following amounts for year 2022, assuming a statutory tax rate (federal and state combined)
Consider the following income statement and comparative balance sheet.
Compute the following amounts for year 2022, assuming a statutory tax rate (federal and state combined) of 22.0%. Enter your responses below. Do not round intermediate calculations.
(in millions) | 2022 |
Net nonoperating expense (NNE), after-tax: | [ Select ] ["$8.7", "$96.3", "$3,238.8", "$114.7", "$128.4"] |
Net operating profit after taxes (NOPAT): | [ Select ] ["$7,331.4", "$5,894.7", "$5,187.3", "$5,780.0", "$6,009.3"] |
Net operating assets (NOA): | [ Select ] ["$14,770.0", "$22,793.6", "$12,046.0", "$26,816.0", "$38,669.0"] |
Net nonoperating obligations (NNO): | [ Select ] ["$12,046.0", "$38,669.0", "$14,770.0", "$26,816.0", "$22,793.6"] |
\begin{tabular}{lr} Income Statement - 3M Company & \\ (in millions) & 12/31/2022 \\ \hline Net sales & $34,229.0 \\ Cost of sales & 19,232.0 \\ Selling, general \& administrative expenses & 9,049.0 \\ Gain on business divestitures & 2,724.0 \\ Research, development \& other operating expenses & 2,133.0 \\ \hline Operating income & 6,539.0 \\ Interest income (expense) & (395.0) \\ Other income (expense) & 248.0 \\ \hline Income before income taxes & 6,392.0 \\ Provision for income taxes & 612.0 \\ Add: net income attributable to unconsolidated subsidiaries & 11.0 \\ \hline Net income including noncontrolling interest & 5,791.0 \\ Less: net income (loss) attributable to noncontrolling interest & (14.0) \\ \hline Net income attributable to company & $5,777.0 \\ \cline { 2 - 3 } \end{tabular}
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