Question: Tax Allocation: Top-Down and Bottom-Up Methods (Easy) From the following income statement (in millions), calculate operating income after tax, using both the top-down and bottom-up

Tax Allocation: Top-Down and Bottom-Up Methods (Easy)

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 Cost of goods sold Operating expenses Interest expense Income taxes Net

Revenue Cost of goods sold Operating expenses Interest expense Income taxes Net income $ 6,450 (3,870) (1,843) (135) (181) $ 421

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