Week 3 Discussion 2 Analyzing an income statement

Income statements are presented in the table below for the Elf Corporation for the years ending December 31, 2010, 2009, and 2008. Write a one-paragraph analysis of Elf Corporation’s profit performance for the period. Create a common-sized income statement for the three years. What conclusions can you draw from the different parts of the statement? What are the causes and effects of Elf’s performance for those three years? 
Elf Corporation Income Statements for the Years Ending December 31 
(in millions)                                   2010       2009       2008 
Sales                                                 $700      $650         $550 
Cost of goods sold                    350           325              275 
Gross profit                                     350        325           275 
Operating Expenses:  
Administrative                             100        100            100 
Advertising and marketing       50           75              75 
Operating profit                          $200    $150       $100 
Interest expense                               70           50            30 
Earnings before tax                  $130     $100       $  70 
Tax expense (50%)                        65           50              35 
Net income                                  $  65        $  50        $  35   

Epstein, L. (2014). Financial decision making: An introduction to financial reports [Electronic version]. Retrieved from https://content.ashford.edu/ 

Ford Motor Company. (2014). Ford Motor Company 2012 annual report (Links to an external site.)Links to an external site.. Retrieved from http://corporate.ford.com/content/dam/corporate/en/investors/reports-and-filings/Annual%20Reports/2012-annual-report.pdf 

Recommended Resources Articles 
Harper, D. (n.d.). Financial statements: Cash flow (Links to an external site.)Links to an external site.. Investopedia. Retrieved from http://www.investopedia.com/university/financialstatements/financialstatements3.asp 

Harper, D. (n.d). Financial statements: Earnings (Links to an external site.)Links to an external site.. Investopedia. Retrieved from http://www.investopedia.com/university/financialstatements/financialstatements4.asp 

Loth, R. (2011, October). Understanding the income statement (Links to an external site.)Links to an external site.. Investopedia. Retrieved from http://www.investopedia.com/articles/04/022504.asp

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