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Explain the below income Statement.

Explain the below income Statement.

FINANCIAL ACCOUNTING
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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Explain the below income Statement. 

 

CONSOLIDATED STATEMENTS OF INCOME Fiscal Year Ended April 27, 2019 May 1, May 2, (In thousands, except per share amounts) 2021 2020 Net sales $ 1,072,210 $ 1,000,394 $ 1,014,105 Cost of sales 650,594 630,254 629,755 Gross profit 421,616 370,140 384,350 Selling, general and administrative expenses 193,791 204,394 204,415 Operating income 227,825 165,746 179,935 Other income - net 312 3,709 3,942 Income before income taxes 228,137 169,455 183,877 Provision for income taxes 53,991 39,483 43,024 Net income $ 174,146 $ 129,972 $ 140,853 Earnings per common share: Basic 2$ 1.87 2$ 1.39 2$ 1.51 Diluted $ 1.86 2$ 1.39 2$ 1.50 Weighted average common shares outstanding: Basic 93,280 93,256 93,266 Diluted 93,620 93,656 93,834
Transcribed Image Text:CONSOLIDATED STATEMENTS OF INCOME Fiscal Year Ended April 27, 2019 May 1, May 2, (In thousands, except per share amounts) 2021 2020 Net sales $ 1,072,210 $ 1,000,394 $ 1,014,105 Cost of sales 650,594 630,254 629,755 Gross profit 421,616 370,140 384,350 Selling, general and administrative expenses 193,791 204,394 204,415 Operating income 227,825 165,746 179,935 Other income - net 312 3,709 3,942 Income before income taxes 228,137 169,455 183,877 Provision for income taxes 53,991 39,483 43,024 Net income $ 174,146 $ 129,972 $ 140,853 Earnings per common share: Basic 2$ 1.87 2$ 1.39 2$ 1.51 Diluted $ 1.86 2$ 1.39 2$ 1.50 Weighted average common shares outstanding: Basic 93,280 93,256 93,266 Diluted 93,620 93,656 93,834
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