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Accounting Equation and Income Statement Staples, Inc. (SPLS) is a leading office products distributor, with retail stores in the United States, Canada, Asia, Europe, and

Accounting Equation and Income Statement Staples, Inc. (SPLS) is a leading office products distributor, with retail stores in the United States, Canada, Asia, Europe, and South America. The following financial statement data were adapted from recent financial statements of Staples: Year 2 Year 1 (in millions) (in millions) Total assets $8,271 $10,172 Total liabilities (I) 4,788 Total stockholders' equity 3,696 (2) Sales 18,247 Cost of goods sold 13,489 Operating expenses 4,967 Other expense (net) 143 Income tax expense 107 Enter all amounts as positive numbers. a. Determine the missing data indicated for (1) and (2). Total liabilities for Year 2 Total stockholders' equity for Year 1 millions millions b. Using the income statement data for Year 2, determine the amount of net income or net loss. millions

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