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Income Statement

Please see the attached file.
? add a copy of the Income Statement you used

In the library or on the Internet, find the most recent annual report of a company of your interest and answer the following questions regarding the company's Income Statement:

 What accounting period(s) does the Income Statement (IS) cover? state specific dates, if possible

 Is your company a merchandising company, a service company, a manufacturing company, or a mix of the just-mentioned? Which account on the IS tells you that?

 How much are the Net Sales in the most current acc. period covered in the IS? Calculate the percentage change in the Net Sales comparing the two most recent acc. periods covered in the IS. What does the change, that you found, indicate? Is the change a good sign or a bad sign for the company? Why?

 How much is the COGS in the most current acc. period covered in the IS? Calculate the percentage change in the COGS comparing the two most recent acc. periods covered in the IS. What does the change you found indicate? Is the change a good sign or a bad sign for the company? Why?

 How high is the Gross Profit? Is it large enough to cover the company's operating expenses? What is the company's Gross Profit Rate for the most current acc. period covered in the IS? How much from each dollar made in sales remains in the company for covering operating expenses? What long-term trend of Gross Profit Rate would you like to see in your company? Why? Suggest at least two approaches of how this long-term trend would be reached/kept.

 How are the operating expenses divided? Without looking at the Balance Sheet, do you think your company has some long-term assets? How do you know? What are they (what might they be?)? What is the biggest operating expense mentioned in the IS? Is there a way how this expense could be lowered? How?

 What is the company's Income from Operations? Specify how it was calculated.

 Did your company incur income taxes in the most current acc. period covered in the IS? How big?

 Does the company have some nonoperating revenues and/or nonoperating expenses? How do you know = what are they? How did they probably start to exist?

 Was your company profitable in the given accounting period? Do you think that Net Income of your company is the same amount as cash received from customers by your company in the given accounting period? Why (not)?

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You should see the attachment:
COMPREHENSIVE PROBLEM #2
In accordance to BrainMass rules this is not a completion of assignment but only background help.
The income statement has been taken from the website: http://finance.yahoo.com
In the library or on the Internet, find the most recent annual report of a company of your interest and answer the following questions regarding the company's Income Statement:

 What accounting period(s) does the Income Statement (IS) cover? state specific dates, if possible
The accounting period is 1st February 2006 to 31st January 2007.
 Is your company a merchandising company, a service company, a manufacturing company, or a mix of the just-mentioned? Which account on the IS tells you that?
The company is a merchandizing company. The company has only general selling and administrative epenses and does not have any manufacturing or service cost. This is indicated in the Operating Expenses portion of the Income Statement. It also does not have any research and operating costs.
 How much are the Net Sales in the most current acc. period covered in the IS? Calculate the percentage change in the Net Sales comparing the two most recent acc. periods covered in the IS. What does the change, that you found, indicate? Is the change a good sign or a bad sign for the company? Why?
The Net Sales in the most current accounting period are $348.65 billion. The change from 2005 to 2006 is an increase of 9.6% and the change from 2006 to 2007 is 10.46%. The change is a positive one and it indicates that the sales of the company are growing. The change is a good sign for the company for two reasons. First, there is a growth in sales in both the periods and second the rate of growth has increased over the ...

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