A skeleton of Hollister Mills' income statement appears as follows (amounts in thousands): HOLLISTER MILLS Income Statement
Question:
A skeleton of Hollister Mills' income statement appears as follows (amounts in thousands):
HOLLISTER MILLS
Income Statement
Year Ended December 31
Net sales.............................................................................................................. $7,200
Cost of goods sold............................................................................................... (a)
Selling and administrative expenses..................................................................... 1,830
Interest expense................................................................................................... (b)
Other expenses.................................................................................................... 175
Income before taxes ............................................................................................ $1,400
Income tax expense ............................................................................................. (c)
Net income.......................................................................................................... $(d)
Use the following ratio data to complete Hollister Mills' income statement:
Inventory turnover was 13.0 (beginning inventory was $750; ending inventory was $720).
Rate of return on sales is 0.09.
Ending InventoryThe ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
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Income Statement Thousands Net sales 7200 Cost of goods sold 22...View the full answer
