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 3.70 (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) 120 Other Expenses 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

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 3.70 (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) 120 Other Expenses 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

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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