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Category > Management Posted 25 Oct 2017 My Price 8.00

GoodLuck Brands

26.   Income statement formats. Information from GoodLuck Brands’s income statements for the years ended December 31, Years 6, 7, and 8, is shown next. GoodLuck Brands is a U.S.-based manufacturer and distributor. The company applies U.S. GAAP and reports its results in millions of U.S. dollars.

 

 

 

 

 

Year 8

 

Year 7

 

Year 6

 

Net Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$8,769.0

 

$7,061.2

 

$6,145.2

 

Cost of Products Sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,618.9

 

3,843.0

 

3,342.1

 

Excise Taxes on Spirits and Wine . . . . . . . . . . . . . . . . . . . . . .

514.0

 

326.5

 

299.7

 

Advertising, Selling, and Administrative Expenses . . . . . . . . . .

2,070.1

 

1,694.4

 

1,433.6

 

Amortization of Intangibles . . . . . . . . . . . . . . . . . . . . . . . . .

43.5

 

33.4

 

35.4

 

Restructuring Charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

         21.2

 

      —  

 

            9.8

 

Operating Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,501.3

 

1,163.9

 

1,024.6

 

Interest Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  .

332.4

 

158.9

 

77.3

 

Other Financial Expense (Income) . . . . . . . . . . . . . . . . . . . . .

     (40.2)

 

         78.9

 

     (47.0)

 

Income Before Minority Interest and Taxes . . . . . . . . . . . . . .  .

1,209.1

 

926.1

 

994.3

 

Income Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  .

311.1

 

324.5

 

261.1

 

Minority Interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

         67.9

 

         20.0

 

         17.2

 

Income from Continuing Operations . . . . . . . . . . . . . . . . . . . .

830.1

 

581.6

 

716.0

 

Income from Discontinued Operations, net tax. . . . . . . . . . . . .

      —  

 

         39.5

 

         67.8

 

Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$   830.1

 

$   621.1

 

$   783.8

 

 

 

Prepare, in good format, income statements for GoodLuck Brands for Year 6, Year 7, and Year 8, assuming the firm applies  IFRS.

Answers

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

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