Question

For the Chevron Company:

What is the Description and Dollar Value of the first line on the Income Statement (it may be net sales)?

Locate the Balance Sheet (it may have a different heading, such as the Statement of Financial Position).

What are the names of the assets and their values (if more than five line items, report only the first five line items and dollar values)?

Statement of Owner’s Equity: Post the line items and dollar values in the "Equity" section of the balance sheet. You will likely find line items including Common Stock, Retained Earnings (or Deficit), and Treasury Stock.

What is the Net Income (or Net Loss) for your SEC 10-K company?

Answer 1

A 10-K IS A COMPREHENSIVE REPORT FILED ANNUALLY BY A PUBLICLY TRADED COMPANY ABOUT ITS FINANCIAL PERFORMANCE AND IS REQUIRED BY THE U.S. SECURITIES AND EXCHANGE COMMISSION (SEC). THE REPORT CONTAINS MUCH MORE DETAIL THAN A COMPANY'S ANNUAL REPORT, WHICH IS SENT TO ITS SHAREHOLDERS BEFORE AN ANNUAL MEETING TO ELECT COMPANY DIRECTORS.

FINANCIAL STATEMENTS ARE THE IMPORTANT REPORTS OF THE ENTITY THAT PROVIDE THE ENTITY’S FINANCIAL INFORMATION AT A SPECIFIC PERIOD OF TIME TO BE USED BY MANY STAKEHOLDERS SUCH AS MANAGEMENT, EMPLOYEES, THE BOARD OF DIRECTORS INVESTORS, SHAREHOLDERS, CUSTOMERS, SUPPLIERS, BANKERS, AND OTHER RELATED STAKEHOLDERS.

THESE STATEMENTS ARE PREPARED AS THE REQUIREMENT OF MANAGEMENT, OWNERS, SHAREHOLDERS, GOVERNMENTS, AND OTHER RELATED AUTHORITY ORGANIZATIONS.

THE COMPLETED SET OF FINANCIAL STATEMENTS CONTAIN FIVE STATEMENTS AND FIVE ELEMENTS. HERE ARE THE FIVE STATEMENTS:

1. STATEMENT OF FINANCIAL POSITION OR BALANCE SHEET,

2. STATEMENT OF FINANCIAL PERFORMANCE, OR INCOME STATEMENT,

3. STATEMENT OF CHANGE IN EQUITY,

4. STATEMENT OF CASH FLOW, AND

5. NOTED TO FINANCIAL STATEMENTS

THE FOLLOWING ARE THE MAIN ACCOUNTS THAT NEED TO BE COVERED WHEN PROJECTING INCOME STATEMENT LINE ITEMS:

• SALES REVENUE
• COST OF GOODS SOLD (OR GROSS REVENUE)
• TOTAL OR SPECIFIC GENERAL EXPENSES (SG&A)
• DEPRECIATION EXPENSE
• INTEREST EXPENSE
• TAX EXPENSE