PROBLEM 16-37
PROBLEM 15-44______________________________________________________________
The Colgate-Palmolive Company has many well-known products, including Colgate toothpaste, Speed Stick deodorants, Softsoap, and Irish Spring soaps. The following is a reproduction of the terms and amounts in the financial statements contained in the company’s annual report for the fiscal year ended December 31, 2005 (in millions):
Net sales $11,396.9 Retained earnings at beginning
Cash 340.9 of year $ 8,223.9
Interest 136.0 Cost of sales 5,191.9
Income taxes 727.6 Dividends declared 607.2
Accounts payable 876.1 Selling, general, and
Other expenses 69.2 administrative expenses 3,920.8
Required:
Choose the relevant data and prepare the income statement for the fiscal year. The final three lines of the income statement should be labeled earnings before income taxes, income taxes, and net earnings. Also, show the change in retained earnings for the fiscal year, and compute the beginning-of-the-year retained earnings balance.
Instructions:
1. Review the printed template called Problem 15-44 that follows these instructions. In some problems, some of the problem data have been entered for you in the data input section of the spreadsheet.
2. There are 8 FORMULAS in the template that you need to provide to complete your analysis. Using the spaces provided below, write the formulas where requested in the template.
FORMULA 1 _________________ FORMULA 5 _________________
FORMULA 2 _________________ FORMULA 6 _________________
FORMULA 3 _________________ FORMULA 7 _________________
FORMULA 4 _________________ FORMULA 8 _________________
3. Click the Excel icon from the program manager screen to start the spreadsheet program. Click on the Open File SmartIcon/Button to retrieve the template for the problem. Then enter the 8 FORMULAS where indicated on the template.
PROBLEM 15-44
Continued
4. Click the Save File SmartIcon/Button to save your work.
5. Click the Print Button to print your work.
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