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13 Aug 2018

(Amounts in millions) 2017 2016 2015
Revenues $ 485,873.00 $ 482,130.00 $ 485,651.00
Cost of sales $ 361,256.00 $ 360,984.00 $ 365,086.00
Gross Profit $ 124,617.00 $ 121,146.00 $ 120,565.00
Operating, selling, general and administrative expenses 101,853.00 97,041.00 $ 93,418.00
Operating income $ 22,764.00 $ 24,105.00 $ 27,147.00
Non-operating Income/Expenses:
Interest expenses 2,367.00 2,548.00 $ 2,461.00
Interest income 100.00 81.00 $ 113.00
Interest, net $ 2,267.00 $ 2,467.00 $ 2,348.00
Income from continuing operations before income taxes $ 20,497.00 $ 21,638.00 $ 24,799.00
Income taxes 6,204.00 6,558.00 $ 7,985.00
Income from continuing operations $ 14,293.00 $ 15,080.00 $ 16,814.00
Income (loss) from discontinued operations, net of income taxes - - $ 285.00
Consolidated net income $ 14,293.00 $ 15,080.00 $ 17,099.00
Weighted-average common shares outstanding (basic) 3,101.00 3,207.00 3,230.00
Cash Dividends declared $ 6,202.00 $ 6,285.72 $ 6,202.00
Current assets:
Cash and cash equivalents 6,867.00 8,705.00 $ 9,135.00
Receivables, net 5,835.00 5,624.00 $ 6,778.00
Inventories 43,046.00 44,469.00 $ 45,141.00
Prepaid expenses and other 1,941.00 1,441.00 $ 2,224.00
Total current assets $ 57,689.00 $ 60,239.00 $ 63,278.00
Property and equipment:
Property and equipment 179,492.00 176,958.00 $ 177,395.00
Less accumulated depreciation (71,782.00) (66,787.00) $ (63,115.00)
Property and equipment, net $ 107,710.00 $ 110,171.00 $ 114,280.00
Property under capital leases:
Property under capital leases 11,637.00 11,096.00 $ 5,239.00
Less accumulated amortization (5,169.00) (4,751.00) $ (2,864.00)
Property under capital leases, net $ 6,468.00 $ 6,345.00 $ 2,375.00
Goodwill 17,037.00 16,695.00 $ 18,102.00
Other assets and deferred charges 9,921.00 6,131.00 $ 5,671.00
Total assets $ 198,825.00 $ 199,581.00 $ 203,706.00
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings 1,099.00 2,708.00 $ 1,592.00
Accounts payable 41,433.00 38,487.00 $ 38,410.00
Accrued liabilities 20,654.00 19,607.00 $ 19,152.00
Accrued income taxes 921.00 521.00 $ 1,021.00
Long-term debt due within one year 2,256.00 2,745.00 $ 4,810.00
Obligations under capital leases due within one year 565.00 551.00 $ 287.00
Total current liabilities $ 66,928.00 $ 64,619.00 $ 65,272.00
Long-term debt 36,015.00 38,214.00 $ 41,086.00
Long-term obligations under capital leases 6,003.00 5,816.00 $ 2,606.00
Deferred income taxes and other 9,344.00 7,321.00 $ 8,805.00
Redeemable noncontrolling interest - - $ -
Total Long-term liabilities $ 51,362.00 $ 51,351.00 $ 52,497.00
Total Liabilities $ 118,290.00 $ 115,970.00 $ 117,769.00
Equity:
Common stock 305.00 317.00 $ 323.00
Paid-in Capital in excess of par value 2,371.00 1,805.00 $ 2,462.00
Retained earnings & Accumulated other comprehensive income (loss) 75,122.00 78,424.00 $ 78,609.00
Total Walmart shareholders' equity $ 77,798.00 $ 80,546.00 $ 81,394.00
Nonredeemable noncontrolling interest 2,737.00 3,065.00 $ 4,543.00
Total equity $ 80,535.00 $ 83,611.00 $ 85,937.00
Total liabilities and equity $ 198,825.00 $ 199,581.00 $ 203,706.00
(Amounts in millions) 2014 2013 2012
Revenues $ 476,294.00 $ 469,162.00 $ 446,950.00
Cost of sales $ 358,069.00 $ 352,488.00 $ 335,127.00
Gross Profit $ 118,225.00 $ 116,674.00 $ 111,823.00
Operating, selling, general and administrative expenses $ 91,353.00 $ 88,873.00 $ 85,265.00
Operating income $ 26,872.00 $ 27,801.00 $ 26,558.00
Non-operating Income/Expenses:
Interest expenses $ 2,335.00 $ 2,251.00 $ 2,322.00
Interest income $ 119.00 $ 187.00 $ 162.00
Interest, net $ 2,216.00 $ 2,064.00 $ 2,160.00
Income from continuing operations before income taxes $ 24,656.00 $ 25,737.00 $ 24,398.00
Income taxes $ 8,105.00 $ 7,981.00 $ 7,944.00
Income from continuing operations $ 16,551.00 $ 17,756.00 $ 16,454.00
Income (loss) from discontinued operations, net of income taxes $ 144.00 $ - $ (67.00)
Consolidated net income $ 16,695.00 $ 17,756.00 $ 16,387.00
Weighted-average common shares outstanding (basic) 3,269.00 3,374.00 3,460.00
Cash Dividends declared $ 6,139.00 $ 5,361.00 $ 5,048.00
ASSETS 2014 2013 2012
Current assets:
Cash and cash equivalents $ 7,281.00 $ 7,781.00 $ 6,550.00
Receivables, net $ 6,677.00 $ 6,768.00 $ 5,937.00
Inventories $ 44,858.00 $ 43,803.00 $ 40,714.00
Prepaid expenses and other $ 2,369.00 $ 1,588.00 $ 1,774.00
Total current assets $ 61,185.00 $ 59,940.00 $ 54,975.00
Property and equipment:
Property and equipment $ 173,089.00 $ 165,825.00 $ 155,002.00
Less accumulated depreciation $ (57,725.00) $ (51,896.00) $ (45,399.00)
Property and equipment, net $ 115,364.00 $ 113,929.00 $ 109,603.00
Property under capital leases:
Property under capital leases $ 5,589.00 $ 5,899.00 $ 5,936.00
Less accumulated amortization $ (3,046.00) $ (3,147.00) $ (3,215.00)
Property under capital leases, net $ 2,543.00 $ 2,752.00 $ 2,721.00
Goodwill $ 19,510.00 $ 20,497.00 $ 20,651.00
Other assets and deferred charges $ 6,149.00 $ 5,987.00 $ 5,456.00
Total assets $ 204,751.00 $ 203,105.00 $ 193,406.00
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings $ 7,670.00 $ 6,805.00 $ 4,047.00
Accounts payable $ 37,415.00 $ 38,080.00 $ 36,608.00
Accrued liabilities $ 18,793.00 $ 18,808.00 $ 18,180.00
Accrued income taxes $ 966.00 $ 2,211.00 $ 1,164.00
Long-term debt due within one year $ 4,103.00 $ 5,587.00 $ 1,975.00
Obligations under capital leases due within one year $ 398.00 $ 327.00 $ 326.00
Total current liabilities $ 69,345.00 $ 71,818.00 $ 62,300.00
Long-term debt $ 41,771.00 $ 38,394.00 $ 44,070.00
Long-term obligations under capital leases $ 2,788.00 $ 3,023.00 $ 3,009.00
Deferred income taxes and other $ 8,017.00 $ 7,613.00 $ 7,862.00
Redeemable noncontrolling interest $ 1,491.00 $ 519.00 $ 404.00
Total Long-term liabilities $ 54,067.00 $ 49,549.00 $ 55,345.00
Total Liabilities $ 123,412.00 $ 121,367.00 $ 117,645.00
Equity:
Common stock $ 323.00 $ 332.00 $ 342.00
Paid-in Capital in excess of par value $ 2,362.00 $ 3,620.00 $ 3,692.00
Retained earnings & Accumulated other comprehensive income (loss) $ 73,570.00 $ 72,391.00 $ 67,281.00
Total Walmart shareholders' equity $ 76,255.00 $ 76,343.00 $ 71,315.00
Nonredeemable noncontrolling interest $ 5,084.00 $ 5,395.00 $ 4,446.00
Total equity $ 81,339.00 $ 81,738.00 $ 75,761.00
Total liabilities and equity $ 204,751.00 $ 203,105.00 $ 193,406.00
1. Calculate the Net income, Dividens, Net sales, Net credit sales, average inventory, and Average fixed assets

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Keith Leannon
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Use the following information to answer the questions below.

CATERPILLAR INC. Statement of Income for a Recent Year

Total sales and revenues......................................................................................$55,184,000

Less: Cost of products sold...................................................................................$40,391,000

Gross profit.......................................................................................,....................$ 14,793,000

Less: Operating costs :

Selling, general, and administrative expenses................................................ $ 5,697,000

Research and development expenses............................................................$2,135,000

Other operating expenses...............................................................................$1,633,000

Total operating costs.............................................................................................$ 9,465,000

Operating profit.....................................................................................................$ 5,328,000

Less: Other expenses............................................................................................245,000

Consolidated profit before taxes..........................................................................$ 5,083,000

Provision for income taxes....................................................................................1,380,000

Profit of consolidated companies.........................................................................$ 3,703,000

WAL-MART STORES, INC.

Statement of Income for a Recent Year Value

Total revenues.......................................................................................................$485,651,000

Less: Cost of sales.................................................................................................$365,086,000

Gross profit............................................................................................................$120,565,000

Less: Operating, selling, general. and administrative expenses......................... 93,418,000

Operating income.................................................................................................$ 27,147,000

Less: Interest expense, net...................................................................................2,348,000

Income from continuing operations before income taxes................................... $ 24,799,000

Provision for income taxes....................................................................................(7 ,985,000)

Income from discontinued operations, net of tax................................................ 285,000

Consolidated net income......................................................................................$ 17,099,000

SOUTHWEST AIRLINES CO.

Statement of Income for a Recent Year

Operating revenue:

Passenger.........................................................................................................$ 17,658,000

Freight...............................................................................................................175,000

Other.................................................................................................................772,000

Total operating revenue...................................................................................$ 18,605,000

Less: Operating expenses:

Salaries, wages, and benefits..........................................................................$ 5,434,000

Fuel and oil.......................................................................................................5,293,000

Maintenance materials and repairs.................................................................978,000

Aircraft rentals...................................................................................................295,000

Landing fees and other rentals........................................................................1,111,000

Depreciation and amortization.........................................................................938,000

Acquisition and integration..............................................................................126,000 .

Other operating expenses...............................................................................2,205,000

Total operating expenses.................................................................................$ 16,380,000

Operating income.................................................................................................$ 2,225,000

Other expenses (income):

Interest expense...............................................................................................$ 130,000

Capitalized interest...........................................................................................(23,000)

Interest income.................................................................................................(7,000)

Other (gains) losses, net·······································'···········································309,000

Total other expenses (income).........................................................................$ 409,000

Income before income taxes................................................................................$ 1,816,000

Provision for income taxes....................................................................................680,000

Net income............................................................................................................$ 1, 136,000

ANSWER THESE QUESTIONS USING THE ABOVE INFORMATION:

1. List the major differences between the income statementsshown for Catepillar Inc., Walmart and Southwest

2. Explain how cost-accounting data were used to prepare theseincome statements.

3. On the income statement for where would the ticket agents'salaries be shown? Where would the costs of the computer equipmentused to keep track of reservations be included on thestatement?

4. On the income statement for where would the cost of newspaperadvertising be shown? How about the cost of merchandise?

5. Where would the salary of the brand manager who plansadvertising for equipment be shown? How about the salary of aproduction employee? Where would the cost of the raw materials usedin the company's products be included on the statement?

Use the following information to answer the questions below.

CATERPILLAR INC. Statement of Income for a Recent Year

Total sales and revenues......................................................................................$55,184,000

Less: Cost of products sold...................................................................................$40,391,000

Gross profit.......................................................................................,....................$ 14,793,000

Less: Operating costs :

Selling, general, and administrative expenses................................................ $ 5,697,000

Research and development expenses............................................................$2,135,000

Other operating expenses...............................................................................$1,633,000

Total operating costs.............................................................................................$ 9,465,000

Operating profit.....................................................................................................$ 5,328,000

Less: Other expenses............................................................................................245,000

Consolidated profit before taxes..........................................................................$ 5,083,000

Provision for income taxes....................................................................................1,380,000

Profit of consolidated companies.........................................................................$ 3,703,000

WAL-MART STORES, INC.

Statement of Income for a Recent Year Value

Total revenues.......................................................................................................$485,651,000

Less: Cost of sales.................................................................................................$365,086,000

Gross profit............................................................................................................$120,565,000

Less: Operating, selling, general. and administrative expenses......................... 93,418,000

Operating income.................................................................................................$ 27,147,000

Less: Interest expense, net...................................................................................2,348,000

Income from continuing operations before income taxes................................... $ 24,799,000

Provision for income taxes....................................................................................(7 ,985,000)

Income from discontinued operations, net of tax................................................ 285,000

Consolidated net income......................................................................................$ 17,099,000

SOUTHWEST AIRLINES CO.

Statement of Income for a Recent Year

Operating revenue:

Passenger.........................................................................................................$ 17,658,000

Freight...............................................................................................................175,000

Other.................................................................................................................772,000

Total operating revenue...................................................................................$ 18,605,000

Less: Operating expenses:

Salaries, wages, and benefits..........................................................................$ 5,434,000

Fuel and oil.......................................................................................................5,293,000

Maintenance materials and repairs.................................................................978,000

Aircraft rentals...................................................................................................295,000

Landing fees and other rentals........................................................................1,111,000

Depreciation and amortization.........................................................................938,000

Acquisition and integration..............................................................................126,000 .

Other operating expenses...............................................................................2,205,000

Total operating expenses.................................................................................$ 16,380,000

Operating income.................................................................................................$ 2,225,000

Other expenses (income):

Interest expense...............................................................................................$ 130,000

Capitalized interest...........................................................................................(23,000)

Interest income.................................................................................................(7,000)

Other (gains) losses, net·······································'···········································309,000

Total other expenses (income).........................................................................$ 409,000

Income before income taxes................................................................................$ 1,816,000

Provision for income taxes....................................................................................680,000

Net income............................................................................................................$ 1, 136,000

ANSWER THESE QUESTIONS USING THE ABOVE INFORMATION:

1. List the major differences between the income statementsshown for Catepillar Inc., Walmart and Southwest

2. Explain how cost-accounting data were used to prepare theseincome statements.

3. On the income statement for where would the ticket agents'salaries be shown? Where would the costs of the computer equipmentused to keep track of reservations be included on thestatement?

4. On the income statement for where would the cost of newspaperadvertising be shown? How about the cost of merchandise?

5. Where would the salary of the brand manager who plansadvertising for equipment be shown? How about the salary of aproduction employee? Where would the cost of the raw materials usedin the company's products be included on the statement?

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

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