P10-4B. Perform horizontal and vertical analysis. (LO 2)
Here are the income statements from a firm’s recent annual report.
| Year ended December 31 (in millions) | |||
| 2008 | 2007 | 2006 | |
| Net revenue | 526,971 | $25,112 | $23,512 |
| Cost of sales | 12,379 | 11,497 | 10,750 |
| Selling general, and administrative | |||
| expenses | 9,460 | 8,958 | 8,574 |
| Amortization of intangible assets | 145 | 138 | 165 |
| Other expenses | 204 | 224 | 355 |
| Operating profit | 4,783 | 4,295 | 3,667 |
| Income from investments | 323 | 280 | 160 |
| Interest expense | (163) | (178) | (219) |
| Interest income | 51 | 36 | 67 |
| Income before income taxes | 4,994 | 4,433 | 3,675 |
| Income taxes | 1,424 | 1,433 | 1,244 |
| Net income | $ g,szo | $ 3,000 | $ 2,431 |
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