70.2K

Verified Solution

Link Copied!

The income tax footnote to the $2018$ financial statements for Boeing follows.

The components of income before tax were:

Years ended December $31($$ millions$)201820172016$

U$.$S$.$ $$11,166$ $$9,660$ $$5,386$

Non$-$U$.$S$.438447397$

Total $$11,604$ $$10,107$ $$5,783$

Income tax expense$/($benefit$)$ consisted of the following:

Years ended December $31($$ millions$)201820172016$

Current tax expense

U$.$S$.$ federal $$1,873$ $$1,276$ $$1,193$

Non$-$U$.$S$.$ $$169$ $$149$ $$133$

U$.$S$.$ State $972315$

Total current $$2,139$ $$1,448$ $$1,341$

Deferred tax expense

U$.$S$.$ federal $$(996)$ $$204$ $$(544)$

Non$-$U$.$S$.$ $$(4)$ $$3$ $$(4)$

U$.$S$.$ State $5(6)(44)$

Total deferred $$(995)$ $$201$ $$(592)$

a$.$ What is the amount of income tax expense reported by Boeing each year?

Year $($$ millions$)$

$2018$ Answer

$2017$ Answer

$2016$ Answer

b$.$ What percentage of total tax expense is currently payable for each year?

Round percentage to one decimal place $($example: $0\mathrm{.}7345=73\mathrm{.}5\%).$

Year

$2018$ Answer

$2017$ Answer

$2016$ Answer

c$.$ What is Boeing$$s effective $($average$)$ tax rate for each year?

Round percentage to one decimal place $($example: $0\mathrm{.}7345=73\mathrm{.}5\%).$

Year

$2018$ Answer

$2017$ Answer

$2016$ Answer

d$.$ Use the pretax information to determine the effective tax rate for U$.$S$.$ federal and Non$-$U$.$S$.$ operations for each year.

Round percentage to one decimal place $($example: $0\mathrm{.}7345=73\mathrm{.}5\%).$

Year U$.$S$.$ federal Non$-$U$.$S$.$

$2018$ Answer

Answer

$2017$ Answer

Answer

$2016$ Answer

Answer

e$.$ Determine the cash tax rate for U$.$S$.$ operations for each year. Hint: Current tax expense is paid in cash.

Round percentage to one decimal place $($example: $0\mathrm{.}7345=73\mathrm{.}5\%).$

Year

$2018$ Answer

$2017$ Answer

$2016$ Answer

Answer & Explanation Solved by verified expert

See Answer