Question

pane dhe incoe statement for 2017 For the Year Ended December 31, 2017 (in thousands) 23,000 156,000 179,000 34,000 Beginning merchandise inventory 1/1/2017 Cost of goods purchased Cost of goods available for sale Ending merchandise inventory 12/31/2017 Cost of goods sold S 145,000 Requirement 2. Prepare the income statement for 2017 Milton Department Store Income Statement For the Year Ended December 31, 2017 (in thousands) All parts showing iw

Answer 1

Income Statement
Revenues		$             290,000
Cost of Goods Sold		$             145,000
Gross Profits		$             145,000
Operating Expenses:
Marketing, distribution and customer service costs	$                33,000
Utilities	$                14,000
General and administrative costs	$                46,000
Miscellaneous costs	$                   2,000
Total operating expenses		$               95,000
Net [Operating] Income		$               50,000

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