Question

CONSOLIDATED STATEMENT OF INCOME (millions of dollars) Revenues and other income Sales and other operating revenue Income from equity affiliates Other income Total revenues and other income Costs and other deductions Crude oil and product purchases Production and manufacturing expenses Selling, general and administrative expenses Depreciation and depletion (includes impairments) Exploration expenses, including dry holes Non-service pension and postretirement benefit expense Interest expense Other taxes and duties Total costs and other deductions Income (loss) before income taxes Income tax expense (benefit) Net income (loss) including noncontrolling interests Net income (loss) attributable to noncontrolling interests Net income (loss) attributable to ExxonMobil Earnings (loss) per common share (dollars) Earnings (loss) per common share - assuming dilution (dollars) The information in the Notes to Consolidated Financial Statements is an integral part of these statements.

          CONSOLIDATED STATEMENT OF INCOME
(millions of dollars)
Revenues and other income
Sales and other operating revenue
Income from equity affiliates
Other income
Total revenues and other income
Costs and other deductions
Crude oil and product purchases
Production and manufacturing expenses
Selling, general and administrative expenses
Depreciation and depletion (includes impairments)
Exploration expenses, including dry holes
Non-service pension and postretirement benefit expense
Interest expense
Other taxes and duties
Total costs and other deductions
Income (loss) before income taxes
Income tax expense (benefit)
Net income (loss) including noncontrolling interests
Net income (loss) attributable to noncontrolling interests
Net income (loss) attributable to ExxonMobil
Earnings (loss) per common share (dollars)
Earnings (loss) per common share - assuming dilution (dollars)
The information in the Notes to Consolidated Financial Statements is an integral part of these statements.

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CONSOLIDATED STATEMENT OF INCOME
(millions of dollars)
Revenues and other income
Sales and other operating revenue
Income from equity affiliates
Other income
Total revenues and other income
Costs and other deductions
Crude oil and product purchases
Production and manufacturing expenses
Selling, general and administrative expenses
Depreciation and depletion (includes impairments)
Exploration expenses, including dry holes
Non-service pension and postretirement benefit expense
Interest expense
Other taxes and duties
Total costs and other deductions
Income (loss) before income taxes
Income tax expense (benefit)
Net income (loss) including noncontrolling interests
Net income (loss) attributable to noncontrolling interests
Net income (loss) attributable to ExxonMobil
Earnings (loss) per common share (dollars)
Earnings (loss) per common share - assuming dilution (dollars)
The information in the Notes to Consolidated Financial Statements is an integral part of these statements.

Added by Joel R.

Horngren’s Cost Accounting

Srikant M. Datar, Madhav V. Rajan 16th Edition

Instant Answer

Solved by Expert Supreeta N

06/16/2023

Step 1

In this case, we need to focus on the revenues and other income section of the income statement for Exxon Mobil for the years 2021 and 2022. Show more…

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Can you please help me out with Horizontal analysis on income statement for Exxon Mobil 2021 and 2022, can you please make it into a chart. CONSOLIDATED STATEMENT OF INCOME Note Reference Number (millions of dollars) 2022 2021 2020 Revenues and other income Sales and other operating revenue Income from equity affiliates 18 7 398,675 276,692 178,574 1,732 1,196 181,502 11,463 3,542 413,680 6,657 2,291 285,640 Other income Total revenues and other income Costs and other deductions Crude oil and product purchases 228,959 155,164 36,035 9,574 20,607 1,054 786 947 30,239 254,406 31,234 7,636 23,598 558 23,040 94,007 30,431 10,168 46,009 1,285 1,205 1,158 26,122 210,385 (28,883) (5,632) (23,251) (811) (22,440) Production and manufacturing expenses Selling, general and administrative expenses Depreciation and depletion (includes impairments) Exploration expenses, including dry holes 42,609 10,095 24,040 1,025 482 798 27,919 335,927 77,753 20,176 57,577 1,837 55,740 2, 9 Non-service pension and postretirement benefit expense 17 Interest expense Other taxes and duties 19 Total costs and other deductions Income (loss before income taxes) Income tax expense (benefit) Net income (loss including noncontrolling interests) 19 Net income (loss attributable to noncontrolling interests) Net income (loss attributable to ExxonMobil) Earnings (loss) per common share (dollars) 12 13.26 5.39 (5.25) (5.25) Earnings (loss) per common share - assuming dilution (dollars) 12 13.26 5.39 The information in the Notes to Consolidated Financial Statements is an integral part of these statements.

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Transcript

00:01 Hello students, let us solve the problem.

00:03 So here is a question which asking us to prepare an income statement for simon company.

00:09 So there are revenues and income statement given for the end of 31st december 2017 and we need to create an income statement for the present year and there are some adjustments given here net sale consists of 911 thousand dollars 33 thousand dollars of sales return and allowances of 28 ,000 the revenue consists of sales discount is 18 ,000 and revenue is 4 ,000 selling expenses is 80 ,000 depreciation equipment is 10 ,000 advertising is 13 ,000 commission is 6 ,000 on december 21st 3 ,000 commission has been earned from sale persons administrative expenses consist of office salary 47 ,000 dividends 18 ,000 utilities 12 ,000 interest expenses 2 ,000 rent expenses 24 ,000 including repayments totaling of 6 ,000.

01:04 So here some instruction given in the question multiple step has to be shown for income statement.

01:09 So let us start solving the income statement for simon company simon company income statement for the year 31st december 2017.

01:37 So the format will be particulars amount amount.

01:46 So first item comes to sales revenue sales revenue will be 911 thousand dollars less sales return allowance that is 28 ,000 dollars less sales discount 18 ,000 which is 46 ,000 dollars net sales will be net sales comes to 8 ,000 ,650 ,000 dollars.

02:38 So gross profit will be so before gross profit.

02:48 We need to deduct cost of goods sold cost of goods sold as 555 ,000 dollars.

03:04 So when we deduct this we get gross profit gross profit is 310 ,000 dollars...

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