*Ignore the last question: \"Which of the following statements...\" QUESTION 2 N

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*Ignore the last question: "Which of the following statements..."

QUESTION 2 Not complete Marked out of 8.00 PFlag question Interpreting the Income Tax Expense Footnote The income tax footnote to the financial statements of FedEx Corporation follows The components of the provision for income taxes for the years ended May 31 were as follows: $ millions 2016 2015 2014 Current provision (benefit) Domestic Federal $513 $795 $624 56 200 214 194 785 1,111 874 State and local 72 102 Foreign Deferred provisions (benefit) Domestic 55 (474) 360 82 18 135 (534) 460 $920 $577 $1,334 Federal State and local (18) (47) Foreign (2) (13)

Explanation / Answer

Requirement 1 The amount of income tax expense reported in Fedex's Income statement Current provision + Deferred provision 2016 Income Tax Expense 1705 =785+920 2015 Income Tax Expense 1688 =1111+577 2014 Income Tax Expense 2208 =874+1334 Requirement 2 The percentage of total tax expense is currently payable in each year Total Tax expense=A Currently Payable=B The percentage of total tax expense is currently payable in each year=B/A% 2016 1705 785 46.04 % 2015 1688 1111 65.82 % 2014 2208 874 39.58 %

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