Question 1
From the following income statement (in millions), calculate operating income after tax using both the top-down and bottom-up methods. Use a tax rate of 37 percent.
Revenue $ 6,450
Cost of goods sold (3,870)
Operating expenses (1,843)
Interest expense (135)
Income taxes (181)
Net income S 421
A firm reported $818 million of net income in its income statement after $140 million of net interest expense and income tax expense of 4402 million. Calculate the operating income after tax and net financial expense after tax, using a statutory tax rate of 35 percent.
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