The average price of a gallon of gas in 2005 jumped $0.35 (20 percent) from $1.7

Question

The average price of a gallon of gas in 2005 jumped $0.35 (20 percent) from $1.71 in 2004 to $2 in 2005. Let's see whether these changes are reflected in the income statement of Chevron Corp. for the year ended December 31, 2005 (amounts in millions).

 

Prepare a horizontal income statement and calculate the year-to-year changes in each line item expressed in dollars and in percentages. (Round your percent values to 1 decimal place. Enter your answers in millions. Omit the "$" & "%" signs in your response.)

CHEVRON CORP.
Income Statements
(in millions)
Year Ended December 31

Increase (Decrease)
2005 vs. 2004

Amount

Percent

Required:

Prepare a horizontal income statement and calculate the year-to-year changes in each line item expressed in dollars and in percentages. (Round your percent values to 1 decimal place. Enter your answers in millions. Omit the "$" & "%" signs in your response.)

Explanation / Answer

CHEVRON CORP.

Income Statements

(in millions)

Year ended December 31.

Increase/Decrease

2005 Vs 2004 AMT

Percent

62300 Increased

29454 Increased

2800 Increased

30046 Increased

15248 Increased

14798 Uncreased

Thank you....

CHEVRON CORP.

Income Statements

(in millions)

Year ended December 31.

Increase/Decrease

2005 2004

2005 Vs 2004 AMT

Percent

Total Revenue 218200 155900

62300 Increased

40 Cost of Crued oil and products 133902 104448

29454 Increased

28.2 Other operating Costs 31601 28801

2800 Increased

9.7 Income before Income tax expenses 52697 22651

30046 Increased

132.6 Income Tax expenses 23210 7962

15248 Increased

191.5 Net Income 29487 14689

14798 Uncreased

100.7

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