A skeleton of Pine Florals' income statement appears as follows (amounts in thousands):

Use the following ration data to complete Pine Florials' income statement:
a. Inventory tunover was 4 (beginning inventory was $780; ending inverntory was $750).
b. Rate of return ofn sales (after inco e taxes) is 0.10.

Transcribed Image Text:

Income Statement Net sales $ 7,200 Cost of goods sold Selling expenses 1516 1,334 Administrative expenses Interest expense Other expenses Income before taxes Income tax expense Net income 153 1,045