Whenever a statement of financial position and statement of operations
are presented, a statement of cash flows must also be presented.
The statement of operations
is the statement that tells you how the company did in the year between the beginning and ending balance sheets.
Arriving at the actual Statement of Operations
, approximately 80 percent of government revenue is provided by individual income taxes; corporations, 10 percent; and about 1.4 percent is from estate and gift taxes.
Certain amounts in the Company's December 31, 2016 and 2015 balance sheets and in the Company's 2016 statement of operations
have been restated for the corrections of accounting errors related to interest rate lock commitments, deferred loan origination costs, stock based compensation and deferred income taxes related to unrealized losses on securities available-for-sale that were transferred to held-to-maturity.
More will be explained about nonearmarked versus earmarked funds in the next section, related to the Statement of Operations
and Changes in Net Position.
Changes in the liability should be recognized in the statement of operations
as an expense or reduction in expense.
Drop income is income derived from the use of 'to-be-announced' forward contract ("TBA") dollar roll transactions which is a component of our gain (loss) on derivative instruments on our consolidated statement of operations
, but is not included in core earnings.
Once the merger transaction is consummated, the company will treat this investment as a marketable security with the resulting change in market value reflected in the company's statement of operations
, with proceeds from a potential future sale of the company's investment accretive to cash flow.
Statement of Operations
Command, said that the security forces continued their operations in clearing Albu Shajal area north of Fallujah and cracking down the enemy, where they managed to kill 24 terrorists and the destruction of a vehicle and a den to the enemy and killed those in them, and also killed 13 others after monitoring their gathering within Albu Khanfar region west of Baghdad.
These practices often cause the bottom line in a statement of operations
to approximate zero.
It resulted in a reduction in the value of the net deferred tax asset of approximately $1.9 million, which is recorded as additional income tax expense in the Company's statement of operations
for the fourth quarter of 2017.