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Sysco Corporation is one of North Americas leading distributors of food and related products to restaurants, universities, hotels, and other customers. A simplified version of

Sysco Corporation is one of North Americas 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 ending 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 15.3 in the chapter provides a good model for completing this exercise.)

Cost of sales $47,642
Income tax expense 525
Interest expense 396
Net earnings 1,431
Sales 58,727
Selling, general, and administration expenses 8,756
Other revenues 23
Total revenues 58,750

Preparing a Statement of Earnings and Inferring Missing Value

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