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I hope I can find someone to help with this problem. I've asked two people on Chegg and one in-person and nobody's been able to
I hope I can find someone to help with this problem. I've asked two people on Chegg and one in-person and nobody's been able to figure this out. $10,828 is not the right answer; neither is subtracting NOPBT - (Tax expense + tax shield)
Forecasting and Estimating Share Value Using the DCF Model Following are the income statement and balance sheet for Intel Corporation.
INTEL CORPORATION Consolidated Statements of Income | |||
---|---|---|---|
Year Ended (In millions) | Dec. 25, 2010 | Dec. 26, 2009 | Dec. 27, 2008 |
Net revenue | $ 45,223 | $ 35,127 | $ 37,586 |
Cost of sales | 15,132 | 15,566 | 16,742 |
Gross margin | 30,091 | 19,561 | 20,844 |
Research and development | 6,576 | 5,653 | 5,722 |
Marketing, general and adminstrative | 6,309 | 7,931 | 5,452 |
Restructuring and asset impairment charges | -- | 231 | 710 |
Amortization of acquisition-related intangibles | 18 | 35 | 6 |
Operating expenses | 12,903 | 13,850 | 11,890 |
Operating income | 17,188 | 5,711 | 8,954 |
Gains (losses) on equity method investments, net | 117 | (147) | (1,380) |
Gains (losses) on other equity investments, net | 231 | (23) | (376) |
Interest and other, net | 109 | 163 | 488 |
Income before taxes | 17,645 | 5,704 | 7,686 |
Provisions for taxes | 4,581 | 1,335 | 2,394 |
Net income | $ 13,064 | $ 4,369 | $ 5,292 |
Compute net operating profit after tax (NOPAT) for 2010, assuming a federal and state statutory tax rate of 37%.(Round your answer to the nearest whole number.) 2010 NOPAT =
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