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Argosy University/ Phoniex University/
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Category > Management Posted 25 Oct 2017 My Price 8.00

Cementex Corporation

25. Income statement formats. Information from Cementex Corporation’s (Cementex) income statements for the years ended December 31, Year 9 and Year 10, is shown in the following display. Cementex is a Mexican construction firm that applies Mexican accounting stan- dards and reports its results in millions of pesos ($).

Cementex Corporation Income Statement Data

December 31, Year 10 and Year 9

December 31

	Year 10	Year 9
Net Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$236,669	$213,767
Cost of Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	157,696	?
Gross Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	?	77,320
Administrative and Selling Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	33,120	28,588
Distribution Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	13,405	?
Other Expenses, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	3,281	580
Operating Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	?	33,925
Financial Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	8,809	?
Financial Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	862	536
Income (Expense) from Financial Instruments . . . . . . . . . . . . . . . . . . . . . . . .	2,387	(161)
Other Financial Income (Expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	6,647	4,905
Equity in Income of Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1,487	1,425
Profit Before Income Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	?	34,845
Income Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	?	?
Consolidated Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	?	?
Portion of Profit Attributable to Minority Interest . . . . . . . . . . . . . . . . . . . . .	837	?
Portion of Profit Attributable to Cementex Shareholders . . . . . . . . . . . . . . . . .	?	27,855

Assume Cementex had an effective tax rate of 15.11% in Year 10 and 16.35% in Year 9.

a. Compute the missing amounts for each of the two years.

b. Prepare, in good format, an income statement for Cementex for Year 9 and Year 10 assuming the firm applies IFRS.

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Maurice Tutor

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Status NEW Posted 25 Oct 2017 02:10 PM My Price 8.00

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