Preparing a Statement of Earnings LO1-1 Sysco Corporation is one of North America’s leading distributors of food and related products to restaurants, universities, hotels, and other customers. A simplified version of its recent statement of earnings contained the following items (in millions). Prepare a statement of earnings for the year ended June 30, 2018. (Hint: First order the items as they would appear on the statement of earnings and then confirm the values of the subtotals and totals. Exhibit 1.3 in the chapter provides a good model for completing this exercise.)

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Cost of sales Income tax expense Interest expense $47,642 Net earnings Sales Selling, general, and administration expenses Other revenues Total revenues 525 396 1,431 58,727 8,756 23 58.750