Question

The average price of a gallon of gas in 2013 dropped $0.12 (3 percent) from S3.61 in 2012 (to $3.49 in 2013). Required: 1. Conduct a horlzontal analyss by calculating the year-over-year changes In each line litem, expressed in dollars and In percentages for the Income statement of Chevron Corporation for the year ended December 31, 2013 (amounts in billions)Decreases should be indicated by a minus sign. Enter your answers in billions i.e., 10,000,000,000 should be entered as 10). Round your percentage answers to 1 decimal place.) Income Statements dollars in billiona) For the Year Ended December 31 Change in DollarsPercentage 2013 2012 Intal Rewenies Costs ot Crude Oil and Products Other Operating Costs Income bcfore Income Tax Expensc Income Tax Exoonse Nel Income 250S 62 121 52 59 37 52 116 57 31 F6 46 S

Answer 1

CHEVRON CORPORATION
Income statement
(Dollars in Billion)
For the year ended December 31
	2013	2012	Change in Dollars	Change in %
Total Revenue	$   250.00	$   262.00	$ 12.00	4.6%
Cost of crude oil and products	$   116.00	$   121.00	$     5.00	4.1%
Other operating costs	$     57.00	$      52.00	$ (5.00)	-9.6%
Income before income tax expense	$     77.00	$      89.00	$ 12.00	13.5%
Income tax expense	$     31.00	$      37.00	$     6.00	16.2%
Net income	$     46.00	$      52.00	$     6.00	11.5%

CHEVRON CORPORATION
Income statement
(Dollars in Billion)
For the year ended December 31
	2013		2,012
Total Revenue	$   250.00	100.0%	$   262.00	100.0%
Cost of crude oil and products	$   116.00	46.4%	$   121.00	46.2%
Other operating costs	$     57.00	22.8%	$     52.00	19.8%
Income before income tax expense	$     77.00	30.8%	$     89.00	34.0%
Income tax expense	$     31.00	12.4%	$     37.00	14.1%
Net income	$     46.00	18.4%	$     52.00	19.8%