Reference no: EM131223672
In its latest set of financials, a company presents the following information regarding its income statement:
Total Sales/Revenues $ 2,600,000
Tax Expense $ 120,000
Admin Expenses $ 550,000
Interest Expense $ 420,000
Cost of Goods Sold $ 1,200,000
Rent Expense $ 100,000
These 6 items are the only income statement entries provided by the company. I want to calculate restate the income statement information provided above to include depreciation expense which I believe the company has included in its COGS figure. Where can I go to get depreciation expense information to help complete my restatement activities?
a. Turn to the balance and focus on the difference between accumulated depreciation at the start and at the end of the year
b. Go to the corresponding cash flow statement for the period in question and assuming it is an indirect method cash flow statement, obtain the depreciation information from the operating activities section
c. Look to the notes to the financials for insight on depreciation expense
d. All of the above may be useful to you in determining the depreciation expense information you seek
e. The financials of this company are obviously riddled with shenanigans and false statements - find another company to analyze
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