Revenue and Net Income|Quick homework help

Discussion Requirements

Read the SEC 10-K for your company to answer the questions below.

Category: Revenue and Net Income

1. What were the corporation’s net sales, cost of goods sold, and gross profit?
2. What was the corporate tax rate? The tax rate should be an item in the notes to the financial statement. Required disclosure usually explains the federal statutory rate and a reconciliation to the actual tax rate of the company each year.
3. Read the Statement of Comprehensive Income. Notice the first line is the net income from the Income Statement. Accumulated other comprehensive net income (or net loss) is an item in the Statement of Owners’ Equity section and the Balance Sheet. Post the value from the Balance Sheet and comment on whether this item is increasing or decreasing (take care with the concept of change and net income or net loss).
4. What items appear under Other Comprehensive Income (Loss)?
5. What is the account and the amount of the bottom line item on the Statement (or Consolidated Statement) of Comprehensive Income?
6. include the page number where you found info

SOLUTION

Net sales, cost of goods sold, and gross profit can typically be found on a company’s income statement. The corporate tax rate can usually be found in the notes to the financial statements, and is often disclosed as the federal statutory rate and a reconciliation to the actual tax rate of the company for the given year.

The Statement of Comprehensive Income, also known as the Statement of Income or Income Statement, will provide information on a company’s net income and other comprehensive income.