Is this a multistep or single step income statement?
CVS Caremark Corporation Consolidated means that data from all companies owned by CVS are combined. Consolidated Statements of Operations CVS's fiscal year ends on the Saturday closest to December 31 Fiscal Year Ended Dec. 30, 2006 (53 weeks) $43,821.4 32,079.2 11,742.2 9,300,6 2,441.6 215.8 2,225.8 856.9 Dec. 31, 2008 Dec. 29, 2007 (In millions, except per share amounts) (52 weeks) (52 weeks) Net revenues $87,471.9 $76,329.5 Cost of revenues 69,181.5 60,221.8 Gross profit 18,290.4 16,107.7 Total operating expenses 12,244.2 11,314.4 Operating profit! 6,046.2 4,793.3 Interest expense, net? 509.5 434.6 Earnings before income tax provision 5,536.7 4,358.7 Loss from discontinued operations, (132) net of income tax benefit of $82.4 Income tax provision 2,192.6 1,721.7 Net earnings 3,212.1 2,637.0 Preference dividends, net of income tax benefit 14.1 14.2 Net earnings available to common shareholders $ 3,198.0 $ 2,622.8 BASIC EARNINGS PER COMMON SHARE:5 Net earnings $ 2.23 $ 1.97 Weighted average common shares outstanding 1,433.5 1,328.2 DILUTED EARNINGS PER COMMON SHARE: Net earnings $ 2.18 $ 1.92 Weighted average common shares outstanding 1,469.1 1,371.8 DIVIDENDS DECLARED PER COMMON SHARE: $ 0.25800 $ 0.22875 1. This section shows earnings from ongoing operations, 2. CVS shows interest expense and income taxes separately. 3. The net earnings figure moves to the statements of shareholders' equity. 4. CVS shows the dividends distributed to preferred shareholders. This distribution is not an expense. 5. CVS discloses various breakdowns of earnings per share. 1,368.9 13.9 $ 1,355.0 $ 1.65 820.6 $ 1.60 853.2 $ 0.15500 Questions: 2. Consolidated statements of operations: a. Does CVS use a multistep or single-step income statement? b. Is it a comparative statement? c. What is the trend of net earnings? d. How significant are income taxes for CVS? CVS Caremark Corporation Consolidated means that data from all companies owned by CVS are combined. Consolidated Statements of Operations CVS's fiscal year ends on the Saturday closest to December 31 Fiscal Year Ended Dec. 30, 2006 (53 weeks) $43,821.4 32,079.2 11,742.2 9,300,6 2,441.6 215.8 2,225.8 856.9 Dec. 31, 2008 Dec. 29, 2007 (In millions, except per share amounts) (52 weeks) (52 weeks) Net revenues $87,471.9 $76,329.5 Cost of revenues 69,181.5 60,221.8 Gross profit 18,290.4 16,107.7 Total operating expenses 12,244.2 11,314.4 Operating profit! 6,046.2 4,793.3 Interest expense, net? 509.5 434.6 Earnings before income tax provision 5,536.7 4,358.7 Loss from discontinued operations, (132) net of income tax benefit of $82.4 Income tax provision 2,192.6 1,721.7 Net earnings 3,212.1 2,637.0 Preference dividends, net of income tax benefit 14.1 14.2 Net earnings available to common shareholders $ 3,198.0 $ 2,622.8 BASIC EARNINGS PER COMMON SHARE:5 Net earnings $ 2.23 $ 1.97 Weighted average common shares outstanding 1,433.5 1,328.2 DILUTED EARNINGS PER COMMON SHARE: Net earnings $ 2.18 $ 1.92 Weighted average common shares outstanding 1,469.1 1,371.8 DIVIDENDS DECLARED PER COMMON SHARE: $ 0.25800 $ 0.22875 1. This section shows earnings from ongoing operations, 2. CVS shows interest expense and income taxes separately. 3. The net earnings figure moves to the statements of shareholders' equity. 4. CVS shows the dividends distributed to preferred shareholders. This distribution is not an expense. 5. CVS discloses various breakdowns of earnings per share. 1,368.9 13.9 $ 1,355.0 $ 1.65 820.6 $ 1.60 853.2 $ 0.15500 Questions: 2. Consolidated statements of operations: a. Does CVS use a multistep or single-step income statement? b. Is it a comparative statement? c. What is the trend of net earnings? d. How significant are income taxes for CVS
