Maurice Tutor

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Category > Management Posted 17 Oct 2017 My Price 8.00

Caterpillar, Inc.

Supplemental LIFO disclosures; Caterpillar

Caterpillar, Inc., is one of the world’s largest manufacturers of construction, mining, and forestry machinery. The following disclosure note is included in the company’s 2013 financial statements:

If inventories valued at LIFO cost had been valued at FIFO cost, net income would have been $184.5 million lower in 2013 and $246 million higher in 2012.

Required:

1. Approximate the company’s effective income tax rate for the year ended December 31, 2013.

2. Why might the information contained in the disclosure note be useful to a financial analyst?

3. Using the income tax rate calculated in 1, how much higher (lower) would retained earnings have been at the end of 2013 if Caterpillar had used the FIFO inventory method for all of its inventory?

Answers

Maurice Tutor
(5)
Status NEW Posted 17 Oct 2017 01:10 PM My Price 8.00

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