Question: Income Statement Exercise: Prepare both consolidated income statement and common-size income statement for JACOB for years 2015 through 2018 based on the following scrambled information.

 Income Statement Exercise: Prepare both consolidated income statement and common-size income

Income Statement Exercise: Prepare both consolidated income statement and common-size income statement for JACOB for years 2015 through 2018 based on the following scrambled information. Use the format provided on the following page. (All figures in millions except the tax rate) Year 2015 2016 2017 2018 Common Dividends $750 $860 $920 $1,020 Interest Expenses 628 628 595 615 Selling & Administrative Expenses 7,075 7,200 7,591 7,800 Cost Of Goods Sold 14,000 16,000 18,000 19,500 Other Operating Expenses 2,871 2,904 3,002 3,150 Tax Rate 40% 40% 40% 40% Sales 33,000 36,000 40,000 42,000 Common Shares Outstanding 1,000 1,000 1,000 1,200 Depreciation 170 184 193 195 Earnings per share (EPS) = Net Income/Common Shares Outstanding Dividends per share (DPS) = Common Dividends/Common Shares Outstanding

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