Solution to BTN-Chapter 13 - Reporting in Action BTN 13-1 1...

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Reporting in Action — BTN 13-1 1. Trend percents for selected income statement accounts ($ in millions) Fiscal 2012 Fiscal 2011 Fiscal 2010 Net Sales ............................................................... 240.0% 166.0% 100.0% $156,508 $108,249 $65,225 Cost of sales ......................................................... 222.2% 162.9% 100.0% $87,846 $64,431 $39,541 Operating income ................................................. 300.5% 183.8% 100.0% $55,241 $33,790 $18,385 Other income/(expense) ...................................... 336.8% 267.7% 100.0% $522 $415 $155 Income taxes (provision for income taxes) ....... 309.9% 183.0% 100.0% $14,030 $8,283 $4,527 Net income ............................................................ 297.8% 185.0% 100.0% $41,733 $25,922 $14,013 2. Common-size percents for asset categories and accounts ($ in millions) Sep. 29, 2012 Sep. 24, 2011 Total current assets ............................................. 32.7% 38.7% $57,653 $44,988 Property, plant and equipment, net .................... 8.8% 6.7% $15,452 $7,777 Goodwill and other intangible assets ................. 3.0% 3.8% $5,359 $4,432 Total assets as of September 29, 2012 and September 24, 2011 are $176,064 and $116,371, respectively. 3. For fiscal 2012 and 2011, revenues grew at a higher rate than cost of sales. Operating income grew at a higher rate than revenues for fiscal 2012 and 2011. Non-operating income increased substantially in 2012 and 2011, relative to fiscal 2010. Consequently, income increased for 2012 and 2011, at a higher rate than revenue growth. The common-size percent figures in part 2 show a shift away from current assets (32.7% in 2012 vs. 38.7% in 2011) and greater investment
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