Question

Forecasting an Income Statement
AutoZone Inc. reports the following income statements.

Consolidated Statement of Income ($ in Thousands)		12 Months Ended Aug. 27, 2016
Net sales		$10,635,676
Cost of sales, including warehouse and delivery expenses		5,026,940
Gross profit		5,608,736
Operating, selling, general and administrative expenses		3,548,341
Operating profit		2,060,395
Interest expense, net		147,681
Income before income taxes		1,912,714
Income tax expense		671,707
Net income		$1,241,007

Forecast AutoZone's 2017 income statement assuming the following income statement relations ($ in thousands). All percentages, (other than sales growth and provision for income taxes) are based on percent of net sales.

Net sales growth	6%
Cost of sales, including warehouse and delivery expenses	47.3%
Operating, selling, general and administrative expenses	33.4%
Interest expense, net	$145,000
Income tax expense (% pretax income)	35%

Round your answers to the nearest whole number.

Do not use negative signs with your answers.

Forecasted Income Statement
($ thousands)	2016	2017 Est.
Net sales	$10,635,676
Cost of goods sold	5,026,940
Gross profit	5,608,736
Operating, selling, general, and admin expenses	3,548,341
Operating profit	2,060,395
Interest expense, net	(147,681)
Income before income taxes	1,912,714
Income tax expense	671,707
Net income	$ 1,241,007

Please Answer ASAP

Answer 1

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Ans: Forecasted Income Statement ($ thousands) 2016 | 2017 ésta Nel sceles (910,635,676 X1067) $10,635,675 $11273816.56 Cost of Goods sold (1873816.56447$ 5,026,940 $53,32,515-23 Gross profit $ 5,608,736 $59,41, 3.1.33 operating Selling Gennal and admin. Exp. & 3,548,341 $37,65,454-73 ($11873816.56X 33.4) Opheting profit $ 2,060, 395 $317.5846.60 Suterest Edylense, met Cariven) 4147,681) ($ 145,000) Income before income Taxes $ 1,919,714 $20,30,846.60 Income Tax Expense $671,707 1$ 710796.31 Net Income $1,841,007 $ 13,990,050.629...