Connect Access Card for Financial Accounting
Connect Access Card for Financial Accounting
9th Edition
ISBN: 9781259738678
Author: Robert Libby, Patricia Libby, Frank Hodge Ch
Publisher: McGraw-Hill Education
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Chapter S, Problem 3P

Computing Effective Tax Rates

LOS-4 Below is Columbia Sportwear’s 2012 income statement. What is Columbia’s effective tax rate?

COLUMBIA SPORTSWEAR COMPANY

Consolidated Statements of Operations (in thousands, except per share amounts)

2012 Year Ended December 31 2011 2010
Net sales $1,669,563 $1.693,985 $1,483,524
Cost of sales 953,169 958,677 854,120
Gross profit 716,394 735,308 629,404
Selling, general, and administrative expenses 596,635 614,658 534,068
Net licensing income 13,769 15,756 7,991
Income from operations 133,528 136,406 103,327
Interest income, net 379 1,274 1,564
Income before income tax 133,907 137,680 104,891
Income tax expense (Note 10) (34,048) (34,201) (27,854)
Net income $99,859 $103,479 $77,037
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Packard Corporation reported a taxable income of $1,000,000 in 20X3 and paid federal income taxes of $340,000. Included in the computation was a dividend received a deduction of $5,000, a net capital loss carryover from 20X2 of $10,000, and a gain of $50,000 from an installment sale that took place in 20X1. The corporation's current earnings and profits for 20X3 would be: A. $1,015,000 B. $965,000 C. $675,000 D. $625,000
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Chapter 19 Accounting for Income Taxes Part 1; Author: Vicki Stewart;https://www.youtube.com/watch?v=FMjwcdZhLoE;License: Standard Youtube License