esBigco Corporation is one of the nation's leading distributors of food and related products to restaurants, universities, hotels, and othercustomers. A simplified version of its recent income statement contained the following items (in millions).Cost of salesIncome taxesInterest expenseNet earningsSalesEarnings before income taxesSelling, general, and administration expenseOther revenuesTotal expenses (excluding income taxes)Total revenues$ 11,631319341,19316,2401,5123,49343015,15816,670Prepare an income statement for the year ended June 30, current year. (Hint: First order the items as they would appear on theincome 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 than5,000,000).

Income Statement is a financial statement that includes revenue earned and expenses incurred during…

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.) 000 million should be entered as 5.000 rather thar

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.) 000 million should be entered as 5.000 rather thar

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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Question

es
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
$ 11,631
319
34
1,193
16,240
1,512
3,493
430
15,158
16,670
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).

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