Compute NOPAT Using Tax Rates from Tax Footnote The income statement for The TJX Companies,...
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Compute NOPAT Using Tax Rates from Tax Footnote The income statement for The TJX Companies, Inc., follows.
THE TJX COMPANIES, INC. Consolidated Statements of Income
Fiscal Year Ended ($ thousands)
February 2, 2013
Net sales
$25,878,372
Cost of sales, including buying and occupancy costs
18,521,400
Selling, general and administrative expenses
4,250,446
Provision (credit) for computer intrusion related costs
-
Interest expense (revenue), net
29,175
Income from continuing operations before provision for income taxes
3,077,351
Provision for income taxes
1,170,664
Net income
$ 1,906,687
U.S. federal statutory income tax rate
35.0%
Effective state income tax rate
4.2%
Impact of foreign operation
-0.9%
All other
-0.3%
Worldwide effective income tax rate
38.0%
Compute TJX's NOPAT for 2013 using its income tax footnote disclosure. (The Federal and State tax rate for 2013 as reported by TJX's tax footnote is: 39.2%). Round to the nearest whole number. 2013 NOPAT = ?
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