Financial Statements for Exam (BUS - 2102) Income Statement (All numbers in thousands) Revenue 12/31/2014 12/31/2013 12/31/2015 25,413,000 Total Revenue 27,441,300 28,105,700 Cost of Revenue/COGS 15,623,800 16,985,600 17,203,000 Gross Profit (GP/GM) 9,789,200 10,455,700 10,902,700 Operating Expenses Selling and Administrative 2,643,700 2,506,500 2,138,400 2,643,700 2,138,400 Total Operating Expenses Operating Income or Loss 2,506,500 7,949,200 7,145,500 8,764,300 Income from Continuing Operations 6,555,700 7,372,000 8,204,500 Earnings Before Interest and Taxes Interest Expense 6,555,700 Income Before Tax 8,204,500 7,372,000 2,614,200 2,026,400 2,618,600 Income Tax Expense Minority Interest Net Income From Continuing Ops 4,529,300 4,757,800 5,585,900 Non-recurring Events 4,529,300 4,757,800 5,585,900 Net Income 5,529,800 5,353,000 *Competitor 4,200,000 5,529,800 5,303,000 5,100,000 *Industry 22. Based on the Income Statement (All ycars), you can conclude that the firm's income tax expense stayed flat. A True B. False 23. Based on the Income Statement (2015), you can conclude that a segment or certain product line in a company's business (including buildings, land, etc.) has been sold, disposed of or discontinued. A. Truc B. False 24. Based on the Income Statement (2015), you can conclude that the firm is not doing as well as the industry A. True B. False 25. Based on the Income Statement (2015), you can conclude that the firm is doing better than its competition A. True B. False