Question
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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