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.) **Supplemental Financial Statement Data****Balance Sheets***Accounts Receivable*- Customer accounts receivable: - 2017: $561 - 2016: $566- Allowances: - 2017: $(11) - 2016: $(12)- Subtotal: - 2017: $550 - 2016: $554- Other: - 2017: $55 - 2016: $72- Total Accounts Receivable: - 2017: $605 - 2016: $626*Inventories*- Raw materials, containers and supplies: - 2017: $377 - 2016: $391- Finished products: - 2017: $525 - 2016: $549- Total Inventories: - 2017: $902 - 2016: $940*Other Current Assets*- Fair value of derivatives: - 2017: $9 - 2016: $5- Other: - 2017: $65 - 2016: $41- Total Other Current Assets: - 2017: $74 - 2016: $46*Plant Assets*- Land: - 2017: $64 - 2016: $58- Buildings: - 2017: $1,553 - 2016: $1,488- Machinery and equipment: - 2017: $4,231 - 2016: $4,042- Projects in progress: - 2017: $195 - 2016: $176- Total Cost: - 2017: $6,043 - 2016: $5,764- Accumulated depreciation: - 2017: $(3,589) - 2016: $(3,357)- Net Plant Assets: - 2017: $2,454 - 2016: $2,407*Other Assets*- Investments: - 2017: $69 - 2016: $47- Deferred taxes: - 2017: $36 - 11. Taxes on Earnings:The provision for income taxes on earnings consists of the following:**Income Taxes:**_Currently Payable:_- **Federal:** - 2017: $238 - 2016: $235 - 2015: $246- **State:** - 2017: $39 - 2016: $34 - 2015: $31- **Non-U.S.:** - 2017: $36 - 2016: $47 - 2015: $55_Total Currently Payable:_- 2017: $313- 2016: $316- 2015: $332_Deferred:_- **Federal:** - 2017: $77 - 2016: ($17) - 2015: ($47)- **State:** - 2017: $2 - 2016: $— - 2015: $1- **Non-U.S.:** - 2017: $14 - 2016: ($13) - 2015: ($3)_Total Deferred:_- 2017: $93- 2016: ($30)- 2015: ($49)_Total Income Taxes:_- 2017: $406- 2016: $286- 2015: $283**Earnings Before Income Taxes:**- **United States:** - 2017: $1,103 - 2016: $705 - 2015: $803- **Non-U.S.:** - 2017: $190 - 2016: $144 - 2015: $146_Total Earnings Before Income Taxes:_- 2017: $1,293- 2016: $849- 2015: $949**The following is a reconciliation of the effective income tax rate to the U.S. federal statutory income tax rate:**- **Federal Statutory Income Tax Rate:** - 2017: 35.0% - 2016: 35.0% - 2015: 35.0%- **State Income Taxes (net

The effective tax rate seems to be the percentage of income that a person or company pays in taxes.…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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At the beginning of 2021, Calston Incorporated reports inventory of $9,000. During 2021, the company purchases additional inventory for $25,000. At the end of 2021, the cost of inventory remaining is $8,000. Calculate cost of goods sold for 2021. $
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The following information is available for Canadian Tire Corporation (in $ millions): 2018 2017 2016 Inventory $ 1,997.5 $ 1,769.8 $ 1,710.7 Cost of goods sold 8,863.8 8,398.9 7,898.4 (a) Calculate the inventory turnover and days in inventory ratios for 2018 and 2017. (Round inventory turnover to 1 decimal place, e.g. 15.2. Round days in inventory to nearest day, e.g. 15. Use 365 days for calculation.) 2018 2017 Inventory Turnover times times Days in Inventory days days eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (b)
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The comparative financial statements prepared at December 31, 2017, for Pinnacle Plus showed the following summarized data: Required: 1. Complete the two final columns shown beside each item in Pinnacle's comparative financial statements. (Round your percentage answers to 1 decimal place. Any decrease in the amount should be indicated with minus sign.) Increase (Decrease) 2017 over 2016 4 2017 2016 Amount Income statement Sales revenue Cost of goods sold $ 106,400 $96.000 50,200 46.500 Gross profit 56.200 49.500 Operating expenses 35,400 32.400 Interest expense 3,700 3,700 income before income tax expense 17.100 13.400 Income tax expense (30%) 5.130 4,020 Net income $ 11.970 $ 9.380 Balance sheet: Cash $ 55,370 $16,770 Accounts receivable, net Inventory 35,800 30,500 23,800 44,500 Property and Equipment, net Total assets Accounts payable 92,600 102.000 $ 207,570 $ 193.770 S 41,100 $33.500 Income tax payable 1,000 470 Note payable, long-term Total liabilities Contributed capital (9,000…