Using the consolidated income statement, identify two items that may result in adjusting entries for accruals. Specimen Financial Statements: Louis Vuitton Louis Vuitton is a French company and is one of the leading international fashion houses in the world. Louis Vuitton has been named the world's most valuable luxury brand. Note that its financial statements are IFRS-based and are presented in euros (). The complete financial statements are available at the company's website. CONSOLIDATED INCOME STATEMENT Notes 2016 2015 2014 (EUR millions, except for earnings per share) Revenue Cost of sales 23-24 37,600 (13,039) 35,664 (12,553) 23,111 30,638 (10,801) 24,561 19,837 Gross margin Marketing and selling expenses General and administrative expenses Income (Loss) from joint ventures and associates Profit from recurring operations (14,607) (2,931) 3 (13,830) (2,663) (13) (11,744) (2,373) (5) 7 23-24 7,026 6,605 5,715 25 (122) (221) (284) 6,904 6,384 5,431 (83) (349) (78) (336) (115) 3,062 Other operating income and expenses Operating profit Cost of net financial debt Other financial income and expenses Net financial income (expense) Income taxes Net profit before minority interests Minority interests 26 (432) (414) 2,947 27 (2,109) (1,969) (2,273) 4,363 4,001 6,105 17 (382) (428) (457) Net profit, Group share 3,981 3,573 5,648 28 Basic Group share of net earnings per share (EUR) Number of shares on which the calculation is based 7.92 502,911,125 11.27 501,309,369 7.11 502,395,491 7.08 504,894,946 28 Diluted Group share of net earnings per share (EUR) Number of shares on which the calculation is based 7.89 504,640,459 11.21 503,861,733 Using the consolidated income statement, identify two items that may result in adjusting entries for accruals. Specimen Financial Statements: Louis Vuitton Louis Vuitton is a French company and is one of the leading international fashion houses in the world. Louis Vuitton has been named the world's most valuable luxury brand. Note that its financial statements are IFRS-based and are presented in euros (). The complete financial statements are available at the company's website. CONSOLIDATED INCOME STATEMENT Notes 2016 2015 2014 (EUR millions, except for earnings per share) Revenue Cost of sales 23-24 37,600 (13,039) 35,664 (12,553) 23,111 30,638 (10,801) 24,561 19,837 Gross margin Marketing and selling expenses General and administrative expenses Income (Loss) from joint ventures and associates Profit from recurring operations (14,607) (2,931) 3 (13,830) (2,663) (13) (11,744) (2,373) (5) 7 23-24 7,026 6,605 5,715 25 (122) (221) (284) 6,904 6,384 5,431 (83) (349) (78) (336) (115) 3,062 Other operating income and expenses Operating profit Cost of net financial debt Other financial income and expenses Net financial income (expense) Income taxes Net profit before minority interests Minority interests 26 (432) (414) 2,947 27 (2,109) (1,969) (2,273) 4,363 4,001 6,105 17 (382) (428) (457) Net profit, Group share 3,981 3,573 5,648 28 Basic Group share of net earnings per share (EUR) Number of shares on which the calculation is based 7.92 502,911,125 11.27 501,309,369 7.11 502,395,491 7.08 504,894,946 28 Diluted Group share of net earnings per share (EUR) Number of shares on which the calculation is based 7.89 504,640,459 11.21 503,861,733