Trying to calculate, Times Interest Earned. tax rate is 22% 3M Company Consolidated Statements Of Earnings $ millions Dec. 31, 2018 Dec. 31, 2017 Net sales $ 32,765 $ 31,657 Cost of sales $ 16,682 $ 16,055 Research, development and engineering expenses $ 1,821 $ 1,870 Selling, general and administrative expenses $ 7,602 $ 6,626 Gain on sale of business -$ 547 -$ 586 Total operating expenses $ 25,558 $ 23,965 Operating income $ 7,207 $ 7,692 Nonoperating expense, net $ 207 $ 144 Earnings before income taxes $ 7,000 $ 7,548 Income tax expense (benefit) $ 1,637 $ 2,679 Net earnings $ 5,349 $ 4,858 Operating Income $ 7,207 $ 7,692 Income tax expense (benefit) $ 1,637 $ 2,679 Interest $ 46 $ 32
Trying to calculate, Times Interest Earned. tax rate is 22% 3M Company Consolidated Statements Of Earnings $ millions Dec. 31, 2018 Dec. 31, 2017 Net sales $ 32,765 $ 31,657 Cost of sales $ 16,682 $ 16,055 Research, development and engineering expenses $ 1,821 $ 1,870 Selling, general and administrative expenses $ 7,602 $ 6,626 Gain on sale of business -$ 547 -$ 586 Total operating expenses $ 25,558 $ 23,965 Operating income $ 7,207 $ 7,692 Nonoperating expense, net $ 207 $ 144 Earnings before income taxes $ 7,000 $ 7,548 Income tax expense (benefit) $ 1,637 $ 2,679 Net earnings $ 5,349 $ 4,858 Operating Income $ 7,207 $ 7,692 Income tax expense (benefit) $ 1,637 $ 2,679 Interest $ 46 $ 32
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Trying to calculate, Times Interest Earned. tax rate is 22%
| 3M Company | ||
| Consolidated Statements Of Earnings | ||
| $ millions | Dec. 31, 2018 | Dec. 31, 2017 |
| Net sales | $ 32,765 | $ 31,657 |
| Cost of sales | $ 16,682 | $ 16,055 |
| Research, development and engineering expenses | $ 1,821 | $ 1,870 |
| Selling, general and administrative expenses | $ 7,602 | $ 6,626 |
| Gain on sale of business | -$ 547 | -$ 586 |
| Total operating expenses | $ 25,558 | $ 23,965 |
| Operating income | $ 7,207 | $ 7,692 |
| Nonoperating expense, net | $ 207 | $ 144 |
| Earnings before income taxes | $ 7,000 | $ 7,548 |
| Income tax expense (benefit) | $ 1,637 | $ 2,679 |
| Net earnings | $ 5,349 | $ 4,858 |
| Operating Income | $ 7,207 | $ 7,692 |
| Income tax expense (benefit) | $ 1,637 | $ 2,679 |
| Interest | $ 46 | $ 32 |
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