Prepare an income statement for coc for the year

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Reference no: EM131215557

Preparing a balance sheet and an income statement.

The following information is based on accounting data for Year 7 and Year 8 for China Oil Company (COC), a large petro- chemicals company in China. COC applies IFRS, and reports its results in millions of U.S. dollars.

December 31

Balance Sheet Items	Year 8	Year 7
Cash	$ 88,589	$ 54,070
Accounts Receivable	18,419	8,488
Advances to Suppliers	20,386	12,664
Inventories	88,467	76,038
Other Current Assets	20,367	13,457
Property, Plant, and Equipment (net)	247,803	231,590
		(continued)

Oil and Gas Properties	326,328	270,496
Intangible Assets	20,022	16,127
Other Noncurrent Assets	163,711	132,214
Accounts Payable to Suppliers	104,460	77,936
Advances from Customers	12,433	11,590
Other Current Liabilities	84,761	90,939
Long-Term Debt	35,305	30,401
Other Noncurrent Liabilities	42,062	36,683
Common Stock	444,527	354,340
Retained Earnings	270,544	213,255
Income Statement Items		Year 8
Net Operating Revenues		$835,037
Interest and Other Revenues		3,098
Cost of Sales		487,112
Selling Expenses		41,345
General and Administrative Expenses		49,324
Other Operating Expenses		64,600
Interest Expense		2,869
Income Taxes		49,331

a. Prepare an income statement for COC for the year ending December 31, Year 8.

b. Prepare a comparative balance sheet for COC on December 31, Year 7, and December 31, Year 8. Show noncurrent assets before current assets and noncurrent liabilities before current liabilities, as is the customary presentation for IFRS, which COC uses.

c. Prepare an analysis of the change in Retained Earnings during the year ending Decem- ber 31, Year 8.

Reference no: EM131215557

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