Question
The consolidated 2019, 2018, and 2017 income statements for Butler Corporation follow. Butler Corporation Consolidated Income Statements (in millions except per share amounts) 1 December
The consolidated 2019, 2018, and 2017 income statements for Butler Corporation follow.
Butler Corporation |
Consolidated Income Statements |
(in millions except per share amounts) |
1 |
| December 31 | December 31 | December 31 |
2 |
| 2019 | 2018 | 2017 |
3 | Net sales | $25,020.70 | $21,970.00 | $19,292.20 |
4 | Costs and expenses: |
|
|
|
5 | Cost of goods sold | (11,946.10) | (10,611.70) | (9,366.20) |
6 | Selling, general, and administrative | (9,864.40) | (8,721.20) | (7,605.90) |
7 | Amortization of intangible assets | (303.70) | (265.90) | (208.30) |
8 | Operating income | $2,906.50 | $2,371.20 | $2,111.80 |
9 | Interest expense | (572.70) | (586.10) | (613.70) |
10 | Interest income | 88.70 | 113.70 | 161.60 |
11 | Income before income taxes | $2,422.50 | $1,898.80 | $1,659.70 |
12 | Provision for income taxes | 834.60 | 597.10 | 597.50 |
13 | Net income | $1,587.90 | $1,301.70 | $1,062.20 |
Required:
1. | Prepare common size income statements for horizontal analysis (in percentage terms, rounded to one decimal place). You do not need to include the actual dollar amounts shown above. |
2. | Indicate what Butlers 2019, 2018, and 2017 tax rates were on its income before taxes (in percentage terms, rounded to two decimal places). |
Labels and Amount Descriptions
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Costs and expenses | |
Amount Descriptions | |
Net sales | |
Net income | |
Net loss |
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