USE THE BELOW INCOME STATEMENT AND INFORMATION TO ANSWER THE NEXT FOURQUESTIONS AND COMPLETE THE INCOME STATEMENT.Net SalesCost of Goods SoldSelling ExpensesAdministrative ExpensesInterest ExpensesOther ExpensesIncome before TaxesIncome Tax ExpensesNet Income●●MY CompanyIncome StatementDecember 31, 2018(Amounts in thousands)Use the following ratio data to complete FS Company's income statement.Inventory turnover is 4 (beginning inventory was $895: ending inventory was $758).Inventory turnover = cost of goods sold / Average inventoryRate of Return on Sales is 0.15O$10,500(a)$2,561$458(b)$554$2,046(c)(d) d) net income =1575162516751725

Interest Expenses Other Expenses Income before Taxes Income Tax Expenses Net Income . (b) $554 $2,046 (c) Use the following ratio data to complete FS Company's income statement. Inventory turnover is 4 (beginning inventory was $895; ending inventory was $758). Inventory turnover = cost of goods sold / Average inventory Rate of Return on Sales is 0.15 O (d)

Interest Expenses Other Expenses Income before Taxes Income Tax Expenses Net Income . (b) $554 $2,046 (c) Use the following ratio data to complete FS Company's income statement. Inventory turnover is 4 (beginning inventory was $895; ending inventory was $758). Inventory turnover = cost of goods sold / Average inventory Rate of Return on Sales is 0.15 O (d)

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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