Complete Income statement for O mills.

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Chapter D, Problem 11SE

To determine

Complete Income statement for O mills.

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Old Mills's income statement appears as follows (amounts in thousands): E (Click the icon to view the income statement.) Use the following ratio data to complete Old Mills' income statement: 1. Inventory turnover was 3.7O (beginning Merchandise Inventory was $810; ending Merchandise Inventory was $770). 2. Profit margin ratio is 14%. (Enter amounts in thousands as provided to you in the problem staternent. Round your answer to the nearest thousands.) Old Mills 1 Income Statement Income Statement Year Ended December 31, 2018 (in thousands) Old Mills Net Sales Revenue 6.900 Income Statement Cost of Goods Sold Year Ended December 31, 2018 Selling and Administrative Expenses 1710 Net Sales Revenue 6,900 Interest Expense Cost of Goods Sold (a) Other Expenses 120 Selling and Administrative Expenses 1710 Income Before Income Taxes 1150 Interest Expense (b) Income Tax Expense Other Expenses 120 Net Income Income Before Income Taxes 1,150 Income Tax Expense (c) Net Income (d) Print Done

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Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods sold and Net Income. Additional information follows: Return on total assets is 16% (average total assets is $62,500). Inventory turnover is 5 (average inventory is $7,800). Accounts receivable turnover is 8 (average accounts receivable is $7,700). Income Statement Net Sales Cost of goods sold Selling, general, and administrative expenses 8800 Income tax expenses 3800 Net Income