Question

Sysco Corp. is one of the nation’s leading distributors of food and related products to restaurants, universities, hotels, and other customers. A simplified version of its recent income statement contained the following items (in millions).

Cost of sales	$	44,814
Income taxes		623
Interest expense		303
Net earnings		1,143
Sales		55,371
Earnings before income taxes		1,766
Selling, general, and administration expense		8,504
Other revenues		16
Total expenses		53,621
Total revenues		55,387

Prepare an income statement for the year ended June 30, current year. (Enter your answers in millions.)

Answer 1

Income statement is given below:

Description	Amount	Amount
Revenues & other items:
Sales	55371
Other revenues	16
Total revenues & other items		55387
Expenses & other items:
Cost of sales	44814
Selling, general & administrative expense	8504
Interest expense	303
Income tax	623
Total expenses & other items		(54244)
Net income		1143