Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

nterpreting the Income Tax Expense Footnote The income tax footnote to the financial statements of FedEx Corporation follows. The components of the provision for income

nterpreting the Income Tax Expense Footnote The income tax footnote to the financial statements of FedEx Corporation follows. The components of the provision for income taxes for the years ended May 31 were as follows:

($ millions) 2013 2012 2011
Current provision (benefit)
Domestic
Federal $ 512 $ (120) $ 79
State and local 86 80 48
Foreign 170 181 198
768 141 325
Deferred provisions (benefit)
Domestic
Federal 175 947 485
State and local (7) 21 12
Foreign (42) (9)
126 968 488
Provision for income taxes $ 894 $ 1,109 $ 813

(a)What is the amount of income tax expense reported in FedEx's 2013, 2012, and 2011 income statements? 2013 Income Tax Expense =

million 2012 Income Tax Expense = 2011 Income Tax Expense = (b) What percentage of total tax expense is currently payable in each year? (Round your answers to the nearest whole number.) 2013= 2012= 2011=

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

More Books

Students also viewed these Finance questions

Question

What is the Cancun effect?

Answered: 1 week ago