Preparation of Financial Statements: JC Penny Historical Statements (Math Problem Sample)
The question required us to prepare the income statement of the company using historical data for the past fives .The historical data in the company's annual report was supposed to be used to analyze the trends of individual items in the income statement of the company in order to prepare forecasted income statement for the next five years .
source..Using JC Penny historical statements ,we shall prepare the P&L statement projected for 5 years i.e. 2020,2021,2022,2023 and 2024.
We shall focus on the trend of revenue and costs using historical financial data from 2019 annual report i.e. https://www.annualreports.com/HostedData/AnnualReports/PDF/NYSE_JCP_2019.pdf
When we look at the 2019annual report ,the historical consolidated statement of operations shows revenue reducing by approximately 7.1% from 2017 through 2019 i.e. for 2018,the decrease is given by (12019-12873)/12873*100%=7.11% ,2019 (11167-12019)/12019*100% =7.09%
Total costs and expenses are reducing from 2017 through 2019 by 6.05% on average i.e. (12025-12661)/12661*100%=5.02% for 2018,for 2019 (11175-12025)/12025*100%=7.07
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