Question

A skeleton of Kathey’s Florals’ income statement appears as follows (amounts in thousands):
Income Statement
Net sales ................. $ 7,300
Cost of goods sold ............. (a)
Selling expenses .............. 1,502
Administrative expenses .......... 1,300
Interest expense .............. (b)
Other expenses ............... 156
Income before taxes ............ 1,038
Income tax expense ............ (c)
Net income ................ $ (d)
Use the following ratio data to complete Kathey’s Florals’ income statement:
a. Inventory turnover was 3 (beginning inventory was $800; ending inventory was $772).
b. Rate of return on sales (after income taxes) is 0.08.



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  • CreatedJuly 25, 2014
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