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2. Assume Best Buy reports the following scal year income statement. Revenue $30,848 Cost of goods sold 23,122 Gross prot 7,726 Selling, general and administrative

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2. Assume Best Buy reports the following scal year income statement. Revenue $30,848 Cost of goods sold 23,122 Gross prot 7,726 Selling, general and administrative expenses 6,082 Operating income 1,644 Net interest income 77 Earnings from continuing operations before income tax 1 721 expense ' Income tax expense 581 Net earnings 1 140 Forecast Best Buy's scal year 2017 income statement assuming the following income statement relations; cost of goods sold can be inferred as sales minus gross prot, and assume no change for all other accounts not listed below. Revenue growth _______________________________________________________________________________________________ 12.4% Gross prot margin ___________________________________________________________________________________________ 25.0% Selling, general and administrative expense I Revenue _____________________________________ 19.7% Income tax expense/Earnings from continuing operations before income tax_-___ 33.8% What is the forecasted net earnings for scal year ended 2017? a. $1,268 million b. $1,140 million c. $1,301 million d. $1,377 million

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