Question

Wolverine World Wide, Inc., prides itself as being the "world's leading marketer of U.S. branded non-athletic footwear." The following data (in millions) were reported for the third quarter of 2016: $600 12 Net Sales Income Tax Expense Dividends Salaries and Wages Expense Cost of Goods Sold Interest Expense 18 167 366 E6-18 Part 1 Required: 1. Prepare a multistep income statement. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) WOLVERINE WORLD WIDE INC. Income Statement (in millions)

Answer 1

Income Statement
For the third quarter of 2016
(in millions)
Net sales revenue	600
Cost of goods sold	366
Gross Profit	234
Salaries and Wages Expense	167
Income from Operations	67
Interest Expense	9
Income before Income tax expense	58
Income tax expense	12
Net income	46
2a
Gross Profit	234	million
2b
Gross Profit Percentage	39.0%	=234/600