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Ebook Financial reporting, financial statement analysis, and valuation (8th edition): Part 2

(BQ) Part 1 book "Financial reporting, financial statement analysis, and valuation" has contents: Operating activities, forecasting financial statements; financial statements and notes for PepsiCo, Inc. and subsidiaries, financial statement analysis package,.and other contents. | CHAPTER Operating Activities 9 LEARNING OBJECTIVES LO 9-1 Discuss and apply the criteria for the recognition of revenues from operating activities, as well as the related assets, liabilities, and cash flows. LO 9-2 Discuss and apply the criteria for the recognition of expenses from operating activities, as well as the related assets, liabilities, and cash flows. LO 9-3 Use the financial statement and note information for corporate income taxes to analyze the firm’s tax strategies. LO 9-4 Identify the effects of pensions and other postemployment benefits on the financial statements. LO 9-5 Explain how firms use derivative instruments to hedge currency and commodity risk from operating transactions. Chapter Overview T he results of a firm’s operating activities are reported in the operating income section of the income statement (on an accrual basis) and in the operating cash flows section of the statement of cash flows (on a cash basis). Also, the balance sheet reflects a number of working capital and longer-term assets and liabilities generated for or by operations. PepsiCo’s consolidated statement of income (Appendix A) reports operating profit for the year ended December 29, 2012, of $9,112 million. That amount is comprised of $65,492 million in net revenue minus $31,291 million in cost of sales; $24,970 million in selling, general, and administrative expense (often called SG&A); and $119 million amortization of intangible assets. After other income and expenses and the provision for income taxes of $2,090 million, PepsiCo reports net income for the fiscal year 2012 of $6,214 million. PepsiCo’s consolidated statement of cash flows (Appendix A) shows net cash provided by operating activities of $8,479 million for the year ended December 29, 2012, a measure of current-period operating success on a cash basis. Like most firms, PepsiCo uses the indirect method to derive cash flow from operations and thus begins the section with net income of $6,214 million. PepsiCo .