E1-7 (Algo) Preparing an Income Statement LO1-1 Bigco Corporation is one of the nation's leading distributors of food and related products to restaurants, universities, hotels, and other customers. A simplified version of its recent income statement contained the following items (in millions). Cost of sales Income taxes Interest expense Net earnings Sales Earnings before income taxes Selling, general, and administration expense Other revenues Total expenses (excluding income taxes) Total revenues $ 11,561 389 32 1,331 16,380 1,720 3,503 436 15,096 16,816 Prepare an income statement for the year ended June 30, current year. (Hint: First order the items as they would appear on the income statement and then confirm the values of the subtotals and totals.) Note: Enter your answers in millions rather than in dollars (for example, 5,000 million should be entered as 5,000 rather than 5,000,000). Answer is not complete. BIGCO CORPORATION Income Statement Revenues: Sales Cost of sales (in millions) Total revenues Expenses: Selling, general and administration expense Other revenues Interest expense Total expenses Earnings before income taxes Income taxes Net earnings EA $ 16,380 11,561 EA $ 3,503 436 x 32 $ 27,941 EA $ 3,971 (389)