Prepare a multiple-step income statement for banting co

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Reference no: EM13903820

Constructing an income statement

Banting Corporation (name disguised) is a major international pharmaceutical company. Listed below are items and amounts taken from the company's consolidated accounts for the year to 31 December 20x2. All amounts are in millions of US dollars. (Note that not all items listed are drawn from the income statement.)

Financial income, net of financial expense	147
Share premium	1,026
Cost of goods sold	2,392
Licence fees and other operating income	347
Trade receivables	1,553
Research and development costs	1,588
Sales revenue	9,510
Investment income	20
Employee costs payable	430
Provision for deferred tax	543
Sales and distribution costs	2,886
Administration expenses	746
Corporate income tax	866
Work-in-progress	1,072

Required

(a) Prepare a multiple-step income statement for Banting Corporation for calendar year 20x2, showing separately gross profit, operating profit, profit before tax and net profit.

(b) Comment on Banting Corporation's cost structure in 20x2. What is unusual about it?

Reference no: EM13903820

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