Explain the income statement
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Explain the income statement.
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Sgatares
mcome Stareme
CHEVRON CORPORATION-FINANCIAL REVIEW
Attachment 1
(Millions of Dollars, Except Per-Share Amounts)
(unandited)
CONSOLIDATED STATEMENT OF INCOME
Three Months
Ended September 30
2020
Nine Months
Ended September 30
2019
$ 23,997 $ 34,779 $ 69,628 $ 105,291
REVENUES AND OTHER INCOME
2019
2020
Sales and other operating revenues
Income from equity affiliates
Other income
510
(56)
24,451
1,172
165
(1,040)
858
3,430
1,445
110,166
Total Revenues and Other Income
COSTS AND OTHER DEDUCTIONS
Purchased crude oil and products
Operating expenses
Exploration expenses
Depreciation, depletion and amortization
Taxes other than on income
Interest and debt expense
36,116
69,446
13,448
5,658
117
19,882
6,400
168
4,361
1,059
197
37,101
18,928
1,170
15,022
3,223
498
60,420
N8,731
498
4,017
1,091
164
12,789
3,167
620
96,225
13,941
4,429
Total Costs and Other Deductions
Income (Loss) Before Income Tax Expense
Income tax expense (benefit)
Net Income (Loss)
Less: Net income (loss) attributable to
noncontrolling interests
NET INCOME (LOSS) ATTRIBUTABLE TO
CHEVRON CÒRPORATION
24,495
(44)
165
32,067
4,049
1,469
2,580
75,942
(6,496)
(1,591)
(4,905)
(209)
9,512
(2)
(27)
(22)
(207) S
(4,878) $
* Iachudes operating expense, selling, ganeral and administrativo axpansa, and othar componants of not pariodic banafit costs
2,580 $
9,534
PER-SHARE OF COMMON STOCK
Net Income (Loss) Attributable to Chevron Corporation
Basic
(0.12) $
(0.12) S
1.38 S
1.36 $
(2.63) $
(2.63) $
5.06
5.02
Diluted
Weighted Average Number of Shares Outstanding (000's)
Basic
Diluted
1,853,533 1,880,607 1,856,363 1,885,931
1,853,533 1,893,928 1,856,363 1,899,193
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Expert Solution
Review of 3 Months(ending september 30):
The given Income Statement is a Consolidated Income Statement of Chevron Corporation giving information about the year 2019 and 2020. It has incurred a loss attributable of $209 million in its last 3 months ending 30 Sept 2020. The profit as compared to last year(2019) same quarter has gone down by $2,787 million. The reason which can be seen as per the income statement is the reduction of revenue from sales and other operating activities as there is no big difference is expense cost in both years. Earning per share has reduced from $1.38 to loss of $0.12 per share.
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