The Max, 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 an earlier year (ended March 31) are presented here (dollars in thousands) in simplified form in alphabetical order:

Cost of goods sold	$	1,101,349
Interest expense		620
Net revenue		1,945,531
Other selling, general, and administrative expenses		397,883
Provision for income taxes		97,387
Weighted average shares outstanding		75,832

Required:

a. Prepare a classified (multiple-step) consolidated income statement (showing gross profit, operating income, and income before income taxes). Include a presentation of basic earnings per share.

b. What is the gross profit percentage?

Answer rating: 100% (QA)

a Classified Consolidated Income Statement The Max Consolidated Income St... View the full answer