Assume the average price of a litre of gas in 2017 jumped $0.16 (15 percent) from $1.06 in 2010 to $1.22 in 2017. Let's see whether this change is reflected in the income statement of Petroleum Inc. for the year ended December 31, 2017 (amounts in billions). 2017 2016 Total Revenues $ 574 $ 524 Costs of Crude Oil and Products 356 397 Other Operating Costs 57 54 Income Before Income Tax Expense Income Tax Expense 161 73 71 29 Net Income $ 90 $ 44

Assume the average price of a litre of gas in 2017 jumped $0.16 (15 percent) from $1.06 in 2010 to $1.22 in 2017. Let's see whether this change is reflected in the income statement of Petroleum Inc. for the year ended December 31, 2017 (amounts in billions). 2017 2016 Total Revenues $ 574 $ 524 Costs of Crude Oil and Products 356 397 Other Operating Costs 57 54 Income Before Income Tax Expense Income Tax Expense 161 73 71 29 Net Income $ 90 $ 44

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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