Preparing a Multiple-Step Income Statement
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 $1,231,349
Interest income 510
Net revenue 1,885,531
Other selling, general, and administrative expenses 405,883
Provision for income taxes 99,387
Weighted average shares outstanding 66,832
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.