Income statement formats. Information from Cemex, S.A.B.’s income statements for the years ended December 31, 2006 and 2007, is shown in the following display. Cemex is a Mexican construction firm that applies Mexican accounting standards and reports its results in millions of pesos ($).
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Cemex, S.A.B. Income Statement Data December 31, 2006 and 2007 |
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December 31 |
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|
2007 |
2006 |
|
|
Net Sales |
$236,669 |
$213,767 |
|
Cost of Sales |
157,696 |
? |
|
Gross Profit |
? |
77,320 |
|
Administrative and Selling Expenses |
33,120 |
28,588 |
|
Distribution Expenses |
13,405 |
? |
|
Other Expenses, net |
3,281 |
580 |
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Operating Income |
? |
33,925 |
|
Financial Expenses |
8,809 |
? |
|
Financial Income |
862 |
536 |
|
Income (Expense) from Financial Instruments |
2,387 |
(161) |
|
Other Financial Income (Expense) |
6,647 |
4,905 |
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Equity in Income of Associates |
1,487 |
1,425 |
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Profit Before Income Tax |
? |
34,845 |
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Income Tax |
? |
? |
|
Consolidated Profit |
? |
? |
|
Portion of Profit Attributable to Minority Interest |
837 |
? |
|
Portion of Profit Attributable to Cemex Shareholders |
? |
27,855 |
Assume Cemex had an effective tax rate of 15.11% in 2007, and 16.35% in 2006.
a. Compute the missing amounts for each of the two years.
b. Prepare, in good format, an income statement for Cemex for 2006 and 2007 assuming the firm applies IFRS.