Focus company—income statement analysis In Exercise 1.1, you were asked to obtain the most recent annual report of a company that you were interested in reviewing throughout this term.
Required:
a. Which method, single-step or multiple-step, is used in the statement?
b. What are the captions of the intermediate profit amounts reported by this company that are not reported by Campbell Soup Company?
c. Calculate the gross profit ratio for each of the years reported. Briefly evaluate the trend of these results.
d. Is operating income increasing or decreasing for the years reported?
e. Does the company report any unusual items? If so, what are the effects of these items on net income and earnings per share?
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