Aeropostale, Inc., is a mall-based specialty retailer of casual apparel and accessories. The company concept is to
Question:
Aeropostale, Inc., is a mall-based specialty retailer of casual apparel and accessories. The company concept is to provide the customer with a focused selection of high-quality, active-oriented fashions at compelling values. The items reported on its income statement for a recent year (ended March 31) are presented here (dollars in thousands) in alphabetical order:
Cost of goods sold ................ $ 1,733,916
Interest expense .................... 417
Net revenue ................... 2,342,260
Other selling, general, and administrative expenses .... 494,829
Provision for income taxes ............. 43,583
Weighted average shares outstanding .......... 81,208
Required:Prepare a multiple-step consolidated income statement (showing gross profit, operating income, and income before income taxes). Include a presentation of basic earnings per share. What is the gross profit percentage? Explain its meaning.
When talking about the group financial statements the consolidated financial statements include Consolidated Income Statement that a parent must prepare among other sets of consolidated financial statements. Consolidated Income statement that is...
Step by Step Answer:
Financial Accounting
ISBN: 978-0078025556
8th edition
Authors: Robert Libby, Patricia Libby, Daniel Short