An excerpt from the income statement from the 2001

annual
An excerpt from the income statement from the 2001 annual report of Alcoa, Inc. is provided
below.For the year ended December 31, ..............2001(In millions except share
amounts)RevenuesSales ..........................$22,859Other income, net
.....................308............................23,167Costs and expensesCost of goods sold
....................17,857Selling, general, administrative, and other expenses .........1,276Research
and development expenses ...............203Provision for depreciation, depletion, and amortization
.......1,253Interest expenses ......................371Other expenses
......................566...........................21,526EarningsIncome before taxes on income
.....................1,641Provision for taxes on income .................525Income from operations
.................$ 1,116Minority interests’ share ..................(208)Net income .........................$
908Earnings per common share ................$ 1.06Briefly explain each item presented on the
income statement. (Minority interest may be ignored if you are not studying the Other Topics
section at the end of the chapter.) How much gross profit and operating income did Alcoa report
for 2001?View Solution:
An excerpt from the income statement from the 2001 annual
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