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  3. in chapter 5, we learn about the multi-step income

In Chapter 5, we learn about the Multi-Step Income Statement (for a quick explanation go...

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Accounting

In Chapter 5, we learn about the Multi-Step Income Statement (for a quick explanation go to your Learning Guide for Chapter 5 and in the Helpful Examples section is a brief explanation of the Multi-Step Income Statement).

Using the Fortune 500 company that you selected in Chapter 2, look at their Financial Statements and find their Income Statement (it will be near the balance sheet, usually the page before or page after). Answer these questions:

  1. What is their total operating revenue for the most recent fiscal year?
  2. What is their total operating expenses for the most recent fiscal year? Anything unusual or specific to your company's industry?
  3. How much is their operating income for the most recent fiscal year?
  4. Did they have a net income or net loss for the year and how much was it?
  5. Did they have a lot of "other" income and expenses? Anything unusual or specific to your company's industry?
  6. Looking at their income statement and balance sheet from Chapter 4, what are your overall thoughts of the profitability and liquidity of the company? Would you invest in it?

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