I'm looking at a company's 10-K which gives me the following line items:
- Net sales
- Cost of goods sold
- Gross profit
- Selling, general and administrative expenses
- Operating income
- Other income (loss)
- Income before income taxes
- Income tax expense
- Net income
Why is there no Depreciation expense line item on this income statement? I thought typically Income before tax was calculated over the operating income less interest and depreciation. On the cash flow statement it does give a Depreciation expense line item.
Also what if the notes to Financial Notes do not really indicate which IS line item is tied to to D&A expense?