Question
Traditional Mills's income statement appears as follows (amounts in thousands): (Click the icon to view the income statement.)Use the following ratio data to complete Traditional
Traditional Mills's income statement appears as follows (amounts in thousands):
(Click the icon to view the income statement.)Use the following ratio data to complete Traditional Mills' income statement:1. Inventory turnover was
3.20
(beginning Merchandise Inventory was
$ 910
ending Merchandise Inventory was
$ 870
2. Profit margin ratio is 12%.
(Enter amounts in thousands as provided to you in the problem statement. Round your answer to the nearest thousands.)
Traditional Mills | |||
Income Statement | |||
Year Ended December 31, 2018 | |||
(in thousands) | |||
Net Sales Revenue | $7,300 | ||
Cost of Goods Sold | |||
Selling and Administrative Expenses | 1,700 | ||
Interest Expense |
| ||
Other Expenses | 110 | ||
Income Before Income Taxes | 1,325 | ||
Income Tax Expense |
| ||
Net Income |
|
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