Real World Case 4-14 Income statement information LO4-1E,LO4-32,LO4-4 Real World

Question

Real World Case 4-14 Income statement information LO4-1E,LO4-32,LO4-4 Real World Financials EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system, performs automated collection, validation, indexing, and forwarding of submissions by companies and others who are required by law to file forms with the US Securities and change Commission .AI ut c e domestic companies use EDGAR to make the majority of their filings. (Some foreign companies file voluntarily.) Form 10-K, which includes the annual report, is required to be filed on EDGAR. The SEC makes this information available on the Internet Required: 1. Access EDGAR on the Internet. The web address is www.sec.gov 2. Search for a public company with which you are familiar. Access the most recent 10-K filing. Search or scroll to find the financial statements and related notes. 3. Answer the following questions related to the company's income statement a. Does the company use the single-step or multiple-step format, or a variation? b. Does the income statement contain any income or loss on discontinued operations? If it does, describe the component of the company that was discontinued. (Hint there should be a related disclosure note.) c. Describe the trend in net income over the years presented 4. Repeat requirements 2 and 3 for two additional companies

Explanation / Answer

For the analysis, the company selected is Wal-Mart

Source: http://d18rn0p25nwr6d.cloudfront.net/CIK-0000104169/c3013d40-212d-409e-bf30-5e5fd482fc2f.pdf

a) Format of Income statement followed by the company:

The company follows the multi-step Income Statement format, it reports its main revenue differently fromthe other revenues reported by the company. the company also segregates the operating expenses and the other expenses and reports them seperately.

b) The company does not contain any information regarding discontinued operations in last two years, the company reported income from discontinued operations in 2015.

c) The net income over the last three years is 13643, 14694 and 16363 million for the year 2017, 2016 and 2015 respectively. the Income has decreased over the year because of increased expenses.

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.