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Amount of finished products inventory for 2017 in the Notes to the Consolidated Financial Statements. (Enter your answer in millions.) The company’s effective income tax rate for 2017 in the Notes to the Consolidated Financial Statements. (Round your percentage answer to 1 decimal place.)

Amount of finished products inventory for 2017 in the Notes to the Consolidated Financial Statements. (Enter your answer in millions.) The company’s effective income tax rate for 2017 in the Notes to the Consolidated Financial Statements. (Round your percentage answer to 1 decimal place.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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  1. Amount of finished products inventory for 2017 in the Notes to the Consolidated Financial Statements. (Enter your answer in millions.)
  2. The company’s effective income tax rate for 2017 in the Notes to the Consolidated Financial Statements. (Round your percentage answer to 1 decimal place.)
19. Supplemental Financial Statement Data Balance Sheets 2017 2016 Accounts receivable Customer accounts receivable 561 S 566 Allowances.. (11) (12) Subtotal. 550 S 554 Other. 55 72 605 626 Inventories Raw materials, containers and supplies . 377 S 391 Finished products .. 525 549 902 S 940 Other current assets Fair value of derivatives. 9 S Other... 65 41 74 $ 46 Plant assets Land . 64 S 58 Buildings 1,553 1,488 Machinery and equipment Projects in progress Total cost. Accumulated depreciation. 4,231 4,042 195 176 6,043 S 5,764 (3,589) (3,357) 2,454 S 2,407 Other assets Investments. . 69 S 47 Deferred taxes 36 41 Other. 34 19 139 $ 107 Screen Snot Screen Snot Screen Snot The Instrumentalit 2011 11 12 47 DM 2021 11 10 2 2 DM 2024 11 28 13 DM
Transcribed Image Text:19. Supplemental Financial Statement Data Balance Sheets 2017 2016 Accounts receivable Customer accounts receivable 561 S 566 Allowances.. (11) (12) Subtotal. 550 S 554 Other. 55 72 605 626 Inventories Raw materials, containers and supplies . 377 S 391 Finished products .. 525 549 902 S 940 Other current assets Fair value of derivatives. 9 S Other... 65 41 74 $ 46 Plant assets Land . 64 S 58 Buildings 1,553 1,488 Machinery and equipment Projects in progress Total cost. Accumulated depreciation. 4,231 4,042 195 176 6,043 S 5,764 (3,589) (3,357) 2,454 S 2,407 Other assets Investments. . 69 S 47 Deferred taxes 36 41 Other. 34 19 139 $ 107 Screen Snot Screen Snot Screen Snot The Instrumentalit 2011 11 12 47 DM 2021 11 10 2 2 DM 2024 11 28 13 DM
11. Taxes on Earnings The provision for income taxes on earnings consists of the following: 2017 2016 2015 Income taxes: Currently payable: Federal.. 238 $ 235 $ 246 State . 39 34 31 Non-U.S. 36 47 55 313 316 332 Deferred: Federal (17) (47) 77 State.. 2 1 Non-U.S. (13) (30) 14 (3) 93 (49) 406 $ 286 S 283 2017 2016 2015 Eanings before income taxes: United States . 1,103 S 705 $ 803 Non-U.S. . 190 144 146 1,293 S 849 $ 949 The following is a reconciliation of the effective income tax rate to the U.S. federal statutory income tax rate: 2017 2016 2015 Federal statutory income tax rate. 35.0% 35.0% 35.0% State income taxes (net of federal tax benefit). 2.1 2.7 2.2 Tax effect of international items. . (2.1) (3.0) (2.5) Settlement of tax contingencies . (0.8) Federal manufacturing deduction. (2.1) (3.2) (2.9) Goodwill impairment . 3.4 4.3 Claim settlement. . (0.8) Foreign exchange losses (3.9) Other.. (1.0) (1.3) (1.2) Effective income tax rate 31.4% 33.7% 29.8% Screen Snot Screen Snot Screen Snot The Instrumentalit 2011 11 יח ד ר) 2021 11 10 2 2 DM 2021 11 28 13 DM
Transcribed Image Text:11. Taxes on Earnings The provision for income taxes on earnings consists of the following: 2017 2016 2015 Income taxes: Currently payable: Federal.. 238 $ 235 $ 246 State . 39 34 31 Non-U.S. 36 47 55 313 316 332 Deferred: Federal (17) (47) 77 State.. 2 1 Non-U.S. (13) (30) 14 (3) 93 (49) 406 $ 286 S 283 2017 2016 2015 Eanings before income taxes: United States . 1,103 S 705 $ 803 Non-U.S. . 190 144 146 1,293 S 849 $ 949 The following is a reconciliation of the effective income tax rate to the U.S. federal statutory income tax rate: 2017 2016 2015 Federal statutory income tax rate. 35.0% 35.0% 35.0% State income taxes (net of federal tax benefit). 2.1 2.7 2.2 Tax effect of international items. . (2.1) (3.0) (2.5) Settlement of tax contingencies . (0.8) Federal manufacturing deduction. (2.1) (3.2) (2.9) Goodwill impairment . 3.4 4.3 Claim settlement. . (0.8) Foreign exchange losses (3.9) Other.. (1.0) (1.3) (1.2) Effective income tax rate 31.4% 33.7% 29.8% Screen Snot Screen Snot Screen Snot The Instrumentalit 2011 11 יח ד ר) 2021 11 10 2 2 DM 2021 11 28 13 DM
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