Smith and Sons, Inc. Income Statement (in millions) 2016 2015 Net sales 10,500 10,000 Cost of goods sold (5,500) (5,200) Gross profit 5,000 4,800 Selling and administrative expenses (2,800) (2,700) Income from operations 2,200 2,100 Interest expense (300) (250) Income before income taxes 1,900 1,850 Income tax expense (420) (400) Net income 1,480 1,450

Smith and Sons, Inc. Income Statement (in millions) 2016 2015 Net sales 10,500 10,000 Cost of goods sold (5,500) (5,200) Gross profit 5,000 4,800 Selling and administrative expenses (2,800) (2,700) Income from operations 2,200 2,100 Interest expense (300) (250) Income before income taxes 1,900 1,850 Income tax expense (420) (400) Net income 1,480 1,450

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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