Question

Sears Holdings Corporation is a major retailer. The company’s annual report contained the following actual data, which has been somewhat summarized, for the year ended January 28, 2012 ($ in millions):
Net revenues ..............$41,567
Purchases of inventory ........... 30,422
Selling and administrative expenses ...... 10,664
Depreciation and amortization ........ 853
Other operating expenses .......... 585
Interest expense (net) ........... 289
Other income .............. 39
Income taxes .............. 1,369
The balance sheets included the following actual data ($ in millions of dollars):


Prepare a detailed multiple-step income statement that includes the calculation of Cost of Goods Sold and ends with NetEarnings.


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  • CreatedFebruary 20, 2015
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