Question
Common size income statement is an income statement in which each account is expressed as a percentage of the value of sales. This type of
Common size income statement is an income statement in which each account is expressed as a percentage of the value of sales. This type of financial statement can be used to allow for easy analysis between companies or between time periods of a company. Derive a common size statement income statement for the following JcPenny income statement.
| Fiscal year is February-January. All values USD millions. | 2012 | 2013 | 2014 | 2015 | 2016 | 5-year trend |
|---|---|---|---|---|---|---|
| Sales/Revenue | 17.26B | 12.99B | 11.86B | 12.26B | 12.63B | |
| Cost of Goods Sold (COGS) incl. D&A | 11.56B | 9.46B | 8.97B | 8.63B | 8.69B | |
| COGS excluding D&A | 11.04B | 8.92B | 8.37B | 8B | 8.07B | |
| Depreciation & Amortization Expense | 518M | 543M | 601M | 631M | 616M | |
| Depreciation | - | - | - | - | - | |
| Amortization of Intangibles | - | - | - | - | - | |
| Gross Income | 5.7B | 3.52B | 2.89B | 3.63B | 3.94B |
| 2012 | 2013 | 2014 | 2015 | 2016 | 5-year trend | |
|---|---|---|---|---|---|---|
| SG&A Expense | 5.23B | 4.86B | 4.25B | 3.95B | 3.94B | |
| Research & Development | - | - | - | - | - | |
| Other SG&A | 5.23B | 4.86B | 4.25B | 3.95B | 3.94B | |
| Other Operating Expense | 7M | 4M | - | - | (8M) | |
| Unusual Expense | 509M | 384M | 356M | 151M | 164M | |
| EBIT after Unusual Expense | (46M) | (1.72B) | (1.72B) | (151M) | (158M) | |
| Non Operating Income/Expense | (1M) | 403M | 176M | 125M | 8M | |
| Non-Operating Interest Income | 1M | 5M | - | - | - | |
| Equity in Affiliates (Pretax) | 38M | 11M | 6M | 53M | 41M | |
| Interest Expense | 221M | 231M | 352M | 406M | 395M | |
| Gross Interest Expense | 221M | 231M | 352M | 406M | 395M | |
| Interest Capitalized | - | - | - | - | - | |
| Pretax Income | (229M) | (1.54B) | (1.89B) | (694M) | (504M) | |
| Income Tax | (77M) | (551M) | (498M) | 23M | 9M | |
| Income Tax - Current Domestic | 16M | 79M | (8M) | 8M | 6M | |
| Income Tax - Current Foreign | 60M | (95M) | (16M) | 12M | 5M | |
| Income Tax - Deferred Domestic | (23M) | (70M) | (46M) | (6M) | (1M) | |
| Income Tax - Deferred Foreign | (130M) | (465M) | (428M) | 9M | (1M) | |
| Income Tax Credits | - | - | - | - | - | |
| Equity in Affiliates | - | - | - | - | - | |
| Other After Tax Income (Expense) | - | - | - | - | - | |
| Consolidated Net Income | (152M) | (985M) | (1.39B) | (717M) | (513M) | |
| Minority Interest Expense | - | - | - | - | - | |
| Net Income | (152M) | (985M) | (1.39B) | (717M) | (513M) | |
| Extraordinaries & Discontinued Operations | - | - | - | - | - | |
| Extra Items & Gain/Loss Sale Of Assets | - | - | - | - | - | |
| Cumulative Effect - Accounting Chg | - | - | - | - | - | |
| Discontinued Operations | - | - | - | - | - | |
| Net Income After Extraordinaries | (152M) | (985M) | (1.39B) | (717M) | (513M) | |
| Preferred Dividends | - | - | - | - | - | |
| Net Income Available to Common | (152M) | (985M) | (1.39B) | (717M) | (513M) | |
| EPS (Basic) | (0.70) | (4.49) | (5.57) | (2.35) | (1.68) | |
| Basic Shares Outstanding | 217.4M | 219.2M | 249.3M | 305.2M | 305.9M | |
| EPS (Diluted) | (0.70) | (4.49) | (5.57) | (2.35) | (1.68) | |
| Diluted Shares Outstanding | 217.4M | 219.2M | 249.3M | 305.2M | 305.9M | |
| EBITDA | 981M | (797M) | (759M) | 316M | 622M |
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Auditors Guide To IT Auditing Software Demo
Authors: Richard E. Cascarino
2nd Edition
1118147618, 978-1118147610
