Instr: re-formulate the Income statement shown in photo including tax benefit + tax allocated calculations

Tax rate: 15.9%

CP4 Reformulated IS 1 All the usual: Save this file as "lastname CP4". Calibri 12 pt., no colored text or fill. Format as "accounting, no decimals, no symbol" unless inappropriate. 2 Copy your clean IS and SCI to the proper tab. Position the SCI below the IS. If there is no other comprehensive income, just note that. 3 Copy the clean statements to the "Reformulated" tab so you can work with the data. 4 Begin the reformulation. Only use 1 year (the most recent) of data. Calculate the tax benefit or burden. Calculate tax allocated to operations. Present those calculations.. Locate the statutory tax rate for your company. I suggest opening the PDF version of the 10-K and search for the word "statutory". 5 Use the original accounts for your company. Each company is different. Do not leave out any accounts! 6 Perform the reformulation using the methods we used in class. Please present the assignment in this form: Clean IS tax benefit calculation Reformulated IS Combined IS and SCI data allocated tax calculation Clean SCI 7 Make sure your total for Cl matches the reported GAAP comprehensive income. 8 Save and submit. A B E F G H 2019 $ 213,883 46,291 260,174 144,996 16,786 161,782 98,392 7 8 Net sales: 9 Products 10 Services 11 Total net sales 12 Cost of sales: 13 Products 14 Services 15 Total cost of sales 16 Gross margin 17 Operating expenses: 18 Research and development 19 Selling, general and administrative 20 Total operating expenses 21 Operating income 22 Other income (expense), net 23 Income before provision for income taxes 24 Provision for income taxes 25 Net income 26 16,217 18,245 34,462 63,930 1,807 65,737 10,481 55,256 $ 27 OCI 28 29 30 Net income 31 Other comprehensive income (loss): 32 Change in foreign currency translation, net of 2019 55,256 $ 33 tax (408) (661) 23 34 Change in unrealized gains/losses on derivative 35 instruments, net of tax: 36 Change in fair value of derivatives 37 Adjustment for net (gains)/losses realized and 38 included in net income 39 Total change in unrealized gains/losses on derivat 40 Change in fair value of marketable securities 41 Adjustment for net (gains/losses realized and incl 42 marketable securities 43 Total other comprehensive income (loss) 44 Total comprehensive income $ 45 Sheet1 Clean IS and SCI (638) 3,802 25 3,827 2,781 58,037 Reformulated IS + CP4 Reformulated IS 1 All the usual: Save this file as "lastname CP4". Calibri 12 pt., no colored text or fill. Format as "accounting, no decimals, no symbol" unless inappropriate. 2 Copy your clean IS and SCI to the proper tab. Position the SCI below the IS. If there is no other comprehensive income, just note that. 3 Copy the clean statements to the "Reformulated" tab so you can work with the data. 4 Begin the reformulation. Only use 1 year (the most recent) of data. Calculate the tax benefit or burden. Calculate tax allocated to operations. Present those calculations.. Locate the statutory tax rate for your company. I suggest opening the PDF version of the 10-K and search for the word "statutory". 5 Use the original accounts for your company. Each company is different. Do not leave out any accounts! 6 Perform the reformulation using the methods we used in class. Please present the assignment in this form: Clean IS tax benefit calculation Reformulated IS Combined IS and SCI data allocated tax calculation Clean SCI 7 Make sure your total for Cl matches the reported GAAP comprehensive income. 8 Save and submit. A B E F G H 2019 $ 213,883 46,291 260,174 144,996 16,786 161,782 98,392 7 8 Net sales: 9 Products 10 Services 11 Total net sales 12 Cost of sales: 13 Products 14 Services 15 Total cost of sales 16 Gross margin 17 Operating expenses: 18 Research and development 19 Selling, general and administrative 20 Total operating expenses 21 Operating income 22 Other income (expense), net 23 Income before provision for income taxes 24 Provision for income taxes 25 Net income 26 16,217 18,245 34,462 63,930 1,807 65,737 10,481 55,256 $ 27 OCI 28 29 30 Net income 31 Other comprehensive income (loss): 32 Change in foreign currency translation, net of 2019 55,256 $ 33 tax (408) (661) 23 34 Change in unrealized gains/losses on derivative 35 instruments, net of tax: 36 Change in fair value of derivatives 37 Adjustment for net (gains)/losses realized and 38 included in net income 39 Total change in unrealized gains/losses on derivat 40 Change in fair value of marketable securities 41 Adjustment for net (gains/losses realized and incl 42 marketable securities 43 Total other comprehensive income (loss) 44 Total comprehensive income $ 45 Sheet1 Clean IS and SCI (638) 3,802 25 3,827 2,781 58,037 Reformulated IS +