Bigco Corporation is one of the nation's leading distributors of food and related products to restaurants, universities, hotels, and other customers. A simplified version of its recent income statement contained the following items (in millions). Cost of sales Income taxes Interest expense Net earnings Sales Earnings before income taxes Selling, general, and administration expense Other revenues Total expenses (excluding income taxes) Total revenues 4 $ 11,671 389 34 1,147 16,270 1,536 3,463 434 15,168 16,704 Prepare an income statement for the year ended June 30, current year. (Hint. First order the items as they would appear on the income statement and then confirm the values of the subtotals and totals) Note: Enter your answers in millions rather than in dollars (for example, 5,000 million should be entered as 5,000 rather than 5,000,000).

Bigco Corporation is one of the nation's leading distributors of food and related products to restaurants, universities, hotels, and other customers. A simplified version of its recent income statement contained the following items (in millions). Cost of sales Income taxes Interest expense Net earnings Sales Earnings before income taxes Selling, general, and administration expense Other revenues Total expenses (excluding income taxes) Total revenues 4 $ 11,671 389 34 1,147 16,270 1,536 3,463 434 15,168 16,704 Prepare an income statement for the year ended June 30, current year. (Hint. First order the items as they would appear on the income statement and then confirm the values of the subtotals and totals) Note: Enter your answers in millions rather than in dollars (for example, 5,000 million should be entered as 5,000 rather than 5,000,000).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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