What amounts were reported for the following items for the fiscal year ending De
ID: 2474124 • Letter: W
Question
What amounts were reported for the following items for the fiscal year ending December 31, 2013? All amounts represented in $millions. Find the following: a) total revenues, b) income from current operations, c) net income or net loss (equity holders), d) total assets, e) total equity. What was the basic earnings or loss per shar for the fiscal year 2013? Use the following income statement and balance sheet information to find your solutions and explain how you got your solutions. Finally, what accounting principles were used to prepare these financial statements? Under those accounting principles, could this company's financial information differ from that of a company that exactly followed IFRS as published by the IASB? Explain all answers.
Consolidated Income Statement
2013 2012 Sales 25,520 25,423 other revenues 10 16 Revenues 25,530 25,439 External Expenses (15,997) (16,272) Salaries and Related Costs (7,482) (7,662 Taxes other than income taxes (186) (184) Amortization (1,566) (1,576) Depreciation and Provisions (159) (154) Other income and expenses (10) 73 Income from current operations 130 (336) Sales of aircraft equipment (12) 8 Other non-current income and expenses (345) (403) Income from operating activities (227) (731) Cost of financial debt (481) (436) Income from cash and cash equivalents 77 83 Net cost of financial debt (404) (353) Other financial income and expenses 103 144 Income before tax (528) (940) Income taxes (957) (17) Net income of consolidated companies (1,485) (957) Share of profits(losses) of associates (211) (66) Net income from continuing operations (1,696) (1,023) Net income from discontinued operations (122) (197) Net income for the period (1,818) (1,220) Equity holders (1,827) (1,225) non controlling interest 9 5 Earnings per share-Equity holders Basic and diluted (6.17) (4.14) Net income from continuing operations-Equity holders Basic and diluted (5.76) (3.47) net income from discontinued operations-Equity holders Basic and diluted (0.41) (0.67) Infotmation Below Is Used for the Balance Sheet Assets 2013 2012 Goodwill 237 252 Intangible Assets 896 842 Flight Equipment 9,391 10,048 Other property, plant and equipment 1,819 1,932 Investments in equity associates 177 381 Pension assets 2,454 2,477 Other financial assets 1,963 1,665 Deferred tax assets 436 1,392 Other non-current assets 113 152 Total non-current assets 17,486 19,141 Assets held for sale 91 7 Other short-term financial assets 1,031 933 Inventories 511 521 Trade accounts receivables 1,775 1,859 Income tax receivables 23 11 Other current assets 822 828 Cash and cash equivalents 3,684 3,420 Total current assets 7,937 7,579 Total equity 2,290 3,637 Total Non-current liabilities 12,273 13,256 Total current liabilities 10,860 9,827Explanation / Answer
1. Total revenue = Sales + other revenue = 25,520 + 10 = $25,530
2. Income from current operations = Total revenue - Total current expense
Income from current operations = $25,530 -25,400 = $130
3. Net loss to equity holders = (1,827)
4. Total assets = Current Assets + non current assets
Total assets = $ 7,937 + $ 17,486 = $25,423
5. Total equity = total assets - Total liabilities
Total equity = $25,423 - (12,273 + 10,860) = $2,290
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