Income statement formats. Information from GoodLuck Brands’s income statements for the years ended December 31, 2008, 2007, and 2006, is shown next. GoodLuck Brands is a U.S. based manufacturer and distributor. The company applies U.S. GAAP and reports its results in millions of U.S. dollars.
|
2008 |
2007 |
2006 |
|
|
Net Sales |
$8,769.0 |
$7,061.2 |
$6,145.2 |
|
Cost of Products Sold |
4,618.9 |
3,843.0 |
3,342.1 |
|
Excise Taxes on Spirits and Wine |
514.0 |
326.5 |
299.7 |
|
Advertising, Selling, |
|||
|
and Administrative |
2,070.1 |
1,694.4 |
1,694.4 |
|
Amortization of Intangibles |
43.5 |
33.4 |
33.4 |
|
Restructuring Charges |
21.2 |
— |
— |
|
Operating Income |
$1,501.3 |
$1,163.9 |
$1,163.9 |
|
Interest Expense |
332.4 |
158.9 |
158.9 |
|
Other Financial Expense (Income) |
(40.2) |
78.9 |
78.9 |
|
Income Before Minority Interest and Taxes |
$1,209.1 |
$ 926.1 |
$ 926.1 |
|
Income Taxes |
311.1 |
324.5 |
324.5 |
|
Minority Interests |
67.9 |
20.0 |
20.0 |
|
Income from Continuing Operations |
$ 830.1 |
$ 581.6 |
$ 581.6 |
|
Income from Discontinued Operations, |
|||
|
net tax |
— |
39.5 |
67.8 |
|
Net Income |
$ 830.1 |
$ 621.1 |
$ 783.8 |
Prepare, in good format, income statements for Good Luck Brands for 2006, 2007, and 2008, assuming the firm applies IFRS.