Income Statements for Butler Corporation Assignment

The consolidated 2019, 2018, and 2017 income statements for Butler Corporation follow.

Butler Corporation
Consolidated Income Statements
(in millions except per share amounts)
1 December 31 December 31 December 31
2 2019 2018 2017
3 Net sales $25,020.70 $21,970.00 $19,292.20
4 Costs and expenses:
5 Cost of goods sold (11,946.10) (10,611.70) (9,366.20)
6 Selling, general, and administrative (9,864.40) (8,721.20) (7,605.90)
7 Amortization of intangible assets (303.70) (265.90) (208.30)
8 Operating income $2,906.50 $2,371.20 $2,111.80
9 Interest expense (572.70) (586.10) (613.70)
10 Interest income 88.70 113.70 161.60
11 Income before income taxes $2,422.50 $1,898.80 $1,659.70
12 Provision for income taxes 834.60 597.10 597.50
13 Net income $1,587.90 $1,301.70 $1,062.20


1. Prepare common size income statements for horizontal analysis (in percentage terms, rounded to one decimal place). You do not need to include the actual dollar amounts shown above.
2. Indicate what Butler’s 2019, 2018, and 2017 tax rates were on its income before taxes (in percentage terms, rounded to two decimal places).
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