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

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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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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