a. Compute net nonoperating expenses (NNE) for 2016 and 2015. Assume that combined federal and state statutory tax rate is 37% for both fiscal years
b. Compute net nonoperating obligations (NNO) for 2016 and 2015
Part A
2016 |
2015 |
|
Interest expense |
52.2 |
51.9 |
Other expenses (income) net |
0.6 |
2.4 |
Nonoperating expense, before tax |
52.8 |
54.3 |
Tax on nonoperating expense (Nonoperating expense, before tax *37%) |
(19.536) |
(20.091) |
Nonoperating expenses, after tax (NNE) |
33.264 |
34.209 |
If answer is required till two decimal places, then it will be
Nonoperating expenses, after tax (NNE) |
33.26 |
34.21 |
Part B
2016 |
2015 |
|
Notes payable and current maturities of long-term debt |
301.4 |
18.4 |
Long-term debt |
708.8 |
861.7 |
Less Nonoperating assets |
77.6 |
92.8 |
Net nonoperating obligations (NNO) |
932.6 |
787.3 |
A. Compute net nonoperating expenses (NNE) for 2016 and 2015. Assume that combined federal and st...
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