Consolidated income Štatement 12 Months Ended in USD millions, except per share data Dec. 31, 2020 Dec. 31, 2019 Net Sales Cost of goods sold Gross Profit Sales and general expenses Other (income) and expense, net Operating Profit Interest income Interest expense Income before tax and other operating income Provision for income taxes 38,760 34,180 16,627 15,996 22,133 18,184 4,754 4,408 194 122 17,185 13,654 25 33 (307) (347) 16,903 13,340 (5,155) (4,069) Income before other operating income Share of netincome of equity companies 11,748 9,271 291 207 12,039 (602) Net Income 9,478 Net income attributable to noncontrolling interests Net Income Attributable to Common Earnings Per Share Basic (474) 11,437 9,004 Net Income Attributable to Common 13.62 10.72 Diluted Net Income Attributable to Common 13.48 10.61

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Notes:

1. The firm bears a 35% statutory tax rate.

2. Working cash is estimated to be $130 million and $120 million for 2020 and 2019 respectively.

3. Notes receivable bear interest of 10% per calendar year.

Required:

Prepare the Reformulated Income Statement for the years 2020 and 2019 in preparation for valuation.

Consolidated Income Statement
12 Months Ended
in USD millions, except per share data
Dec. 31, 2020
Dec. 31, 2019
Net Sales
Cost of goods sold
Gross Profit
Sales and general expenses
Other (income) and expense, net
Operating Profit
Interest income
Interest expense
Income before tax and other operating income
Provision for income taxes
Income before other operating income
Share of net income of equity companies
38,760
34,180
16,627
15,996
22,133
18,184
4,754
4,408
194
122
17,185
13,654
25
33
(307)
(347)
16,903
13,340
(5,155)
(4,069)
11,748
9,271
291
207
Net Income
12,039
9,478
Net income attributable to noncontrolling interests
Net Income Attributable to Common
(602)
(474)
11,437
9,004
Earnings Per Share
Basic
Net Income Attributable to Common
13.62
10.72
Diluted
Net Income Attributable to Common
13.48
10.61
Transcribed Image Text:Consolidated Income Statement 12 Months Ended in USD millions, except per share data Dec. 31, 2020 Dec. 31, 2019 Net Sales Cost of goods sold Gross Profit Sales and general expenses Other (income) and expense, net Operating Profit Interest income Interest expense Income before tax and other operating income Provision for income taxes Income before other operating income Share of net income of equity companies 38,760 34,180 16,627 15,996 22,133 18,184 4,754 4,408 194 122 17,185 13,654 25 33 (307) (347) 16,903 13,340 (5,155) (4,069) 11,748 9,271 291 207 Net Income 12,039 9,478 Net income attributable to noncontrolling interests Net Income Attributable to Common (602) (474) 11,437 9,004 Earnings Per Share Basic Net Income Attributable to Common 13.62 10.72 Diluted Net Income Attributable to Common 13.48 10.61
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Ratio Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education