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MGAB01H3 Lecture Notes - Lecture 3: Asteroid Family, Retained Earnings, Accrual

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salmonraven725
9 Dec 2015
School
UTSC
Department
Financial Accounting
Course
MGAB01H3
Professor
Liang Chen

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MGAB01H3 Full Course Notes
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MGAB01H3 Full Course Notes
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Document Summary

Chapter 3 operating decisions and the statement of earnings. The time it takes for a company to pay cash to suppliers, sell goods and services to customers, and collect money from customers. The long life of a company can be reported in shorter periods. Elements of the statement of earnings: results of continuing operations, results of discontinued operations. Net earnings ( the sum of 1 and 2: earnings per share. Increases in assets or settlements of liabilities from ongoing operations. Result from the sale of goods or services. When the company provides the promised goods or services, the revenue is recognized and liability is settled. Decrease in assets or increases in liabilities from ongoing operations and to generate revenues during the period. Result from when an asset is used to generate revenue during the period. Cost of sales: cost of products sold to customers. Gross profit/ gross margin: net sales less cost of sales.

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Related Questions

i have to read these following income statements and write a paragraph on it.

Your Company Name here
CONDENSED MULTISTEP INCOME STATEMENT
Date
Most recent year Year Year

($ in millions)
12/31/16 12/31/15 12/31/14

Sales Revenue

 41,490,000.00 39,678,000.00 36,918,000.00

Cost of Goods Sold

 6,933,000.00 6,638,000.00 6,262,000.00

Gross Profit

 34,557,000.00 33,040,000.00 30,656,000.00

Operating Expenses

 28,359,000.00 27,075,000.00 25,091,000.00

Operating Income

 6,198,000.00 5,965,000.00 5,565,000.00

Nonoperating revenues and expenses

 1,388,000.00 1,388,000.00 1,388,000.00

Income before Income tax

 4,810,000.00 4,577,000.00 4,177,000.00

Provision for Income tax

 1,378,000.00 1,261,000.00 1,108,000.00

Income from continuing operations

 3,432,000.00 3,316,000.00 3,069,000.00

Nonrecurring items

 542,000.00 1,187,000.00 1,194,000.00

NET INCOME

 2,890,000.00 2,129,000.00 1,875,000.00

Earnings per share

 7.3 4.99 4.16
Your Company Name here
CONDENSED TREND ANALYSIS INCOME STATEMENT
Date
Most recent year Year Year

($ in millions)
2016 2015 2014

Sales Revenue

 112.38% 107.48% 100.00%

Cost of Goods Sold

 110.72% 106.00% 100.00%

Gross Profit

 112.73% 107.78% 100.00%

Operating Expenses

 113.02% 107.91% 100.00%

Operating Income

 111.37% 107.19% 100.00%

Nonoperating revenues and expenses

 100.00% 100.00% 100.00%

Income before Income tax

 115.15% 109.58% 100.00%

Provision for Income tax

 124.37% 113.81% 100.00%

Income from continuing operations

 111.83% 108.05% 100.00%

Nonrecurring items

 45.39% 99.41% 100.00%

NET INCOME

 154.13% 113.55% 100.00%

Earnings per share

 175.48% 119.95% 100.00%
Your Company Name here
CONDENSED COMMON SIZE INCOME STATEMENT
Date
Most recent year Year Year

($ in millions)
2016 2015 2014

Sales Revenue

 100.00% 100.00% 100.00%

Cost of Goods Sold

 16.71% 16.73% 16.96%

Gross Profit

 83.29% 83.27% 83.04%

Operating Expenses

 68.35% 68.24% 67.96%

Operating Income

 14.94% 15.03% 15.07%

Nonoperating revenues and expenses

 3.35% 3.50% 3.76%

Income before Income tax

 11.59% 11.54% 11.31%

Provision for Income tax

 3.32% 3.18% 3.00%

Income from continuing operations

 8.27% 8.36% 8.31%

Nonrecurring items

 1.31% 2.99% 3.23%

NET INCOME

 6.97% 5.37% 5.08%

Earnings per share

 0.00% 0.00% 0.00%

What are Aetna Inc financial statements, sale profits, cash flow, debt level, liquidity, return on assets, and return on equity?

Income Statement

All numbers in thousands

Revenue 12/31/2016 12/31/2015 12/31/2014
Total Revenue 63,155,000 60,337,000 58,003,000
Cost of Revenue 46,356,000 43,833,000 42,912,000
Gross Profit 16,799,000 16,504,000 15,091,000
Operating Expenses
Research Development - - -
Selling General and Administrative 12,085,000 11,644,000 10,833,000
Non Recurring - - -
Others 247,000 255,000 243,000
Total Operating Expenses - - -
Operating Income or Loss 4,467,000 4,605,000 4,015,000
Income from Continuing Operations
Total Other Income/Expenses Net 128,000 128,000 -181,000
Earnings Before Interest and Taxes 4,595,000 4,605,000 3,834,000
Interest Expense 604,000 369,000 334,000
Income Before Tax 3,991,000 4,236,000 3,500,000
Income Tax Expense 1,735,000 1,841,000 1,455,000
Minority Interest 62,000 65,000 69,200
Net Income From Continuing Ops 2,256,000 2,395,000 2,045,000
Non-recurring Events
Discontinued Operations - - -
Extraordinary Items - - -
Effect Of Accounting Changes - - -
Other Items - - -
Net Income
Net Income 2,271,000 2,390,000 2,041,000
Preferred Stock And Other Adjustments - - -
Net Income Applicable To Common Shares 2,271,000 2,390,000 2,041,000

Complete a horizontal and vertical analysis of the IncomeStatements (below) for the past three years (with all yearlybalances set as a percentage of total revenues for that year), inspreadsheet format.

All numbers in thousands
Period Ending Sep 26, 2015 Sep 27, 2014 Sep 28, 2013
Total Revenue 233,715,000 182,795,000 170,910,000
Cost of Revenue 140,089,000 112,258,000 106,606,000
Gross Profit 93,626,000 70,537,000 64,304,000
Operating Expenses
Research Development 8,067,000 6,041,000 4,475,000
Selling General and Administrative 14,329,000 11,993,000 10,830,000
Non Recurring - - -
Others - - -
Total Operating Expenses - - -
Operating Income or Loss 71,230,000 52,503,000 48,999,000
Income from Continuing Operations
Total Other Income/Expenses Net 1,285,000 980,000 1,156,000
Earnings Before Interest And Taxes 72,515,000 53,483,000 50,155,000
Interest Expense - - -
Income Before Tax 72,515,000 53,483,000 50,155,000
Income Tax Expense 19,121,000 13,973,000 13,118,000
Minority Interest - - -
Net Income From Continuing Ops 53,394,000 39,510,000 37,037,000
Non-recurring Events
Discontinued Operations - - -
Extraordinary Items - - -
Effect Of Accounting Changes - - -
Other Items - - -
Net Income 53,394,000 39,510,000 37,037,000
Preferred Stock And Other Adjustments - - -
Net Income Applicable To CommonShares 53,394,000 39,510,000 37,037,000