(Questions 1-3) The following information is from Emerson Electric's 2022 financial statements: Years ended September 30 (Dollars and shares in millions, except per share amounts) Net sales Cost of sales Selling, general and administrative expenses Gain on subordinated interest Gain on sale of business Other deductions, net Interest expense, net of interest income of: 2020, $19; 2021, $12; 2022, $35 Earnings before income taxes Income taxes Net earnings The principal components of income tax expense follow: Cument: U.S. federal State and local Non-U.S. Deferred: U.S. federal State and local Non-U.S. Income tax expense 2020 $16,785 1. (3 points) What was Emerson's 2022 effective income tax rate? 9,776 3,986 532 156 2,335 45 1,990 2020 $123 15 288 (44) 1 (38) $345 2021 18,236 10,673 4,179 - 318 154 2,912 585 2,327 2021 152 26 355 81 (2) (27) 2022 19,629 11,441 4,248 (453) (486) 601 193 4,085 855 3,230 2022 511 60 400 (101) (13) (2) 855 2. (4 points) What was Emerson's tax obligation to all governments based on its 2022 taxable income? 1 3. (4 points) At the beginning of the 2022 fiscal year, Emerson had a deferred tax liability. Based on the above information by how much would you expect Emerson's net deferred tax liability to increase or decrease? Explain in 1-2 sentences why?
(Questions 1-3) The following information is from Emerson Electric's 2022 financial statements: 1. ( 3 points) What was Emerson's 2022 effective income tax rate? 2. (4 points) What was Emerson's tax obligation to all govermments based on its 2022 taxable income? I 3. (4 points) At the beginning of the 2022 fiscal year, Emerson had a deferred tax liability. Based on the above information by how much would you expect Emerson's net deferred tax liability to increase or decrease? Explain in 1-2 sentences why
