A skeleton of Canton Auto Corporation’s income statement appears as follows (amounts in thousands):

Use the following ratio data to complete Canton Auto’s income statement:

a. The inventory turnover was 3 (beginning inventory was $790; ending inventory was $770).

b. The rate of return on sales (after income taxes) was 0.09.

Transcribed Image Text:

A1 Income Statement 2 Net sales 3 Cost of goods sold 4 Selling expenses 5 Administrative expenses 6 Interest expense 7 Other expenses 8 Income before taxes 9 Income tax expense 10 Net income 11 $ 7,100 (a) 1,513 1,334 (b) 151 1,046 (c) (d)