Preparing an Income Statement and Inferring Missing Values
Walgreen Co. is one of the nation's leading drugstore chains. Its recent quarterly income statement contained the following items (in millions). Solve for the missing amounts and prepare an income statement for the quarter ended May 31. 2009. (Hint: First order the items as they would appear on the income statement and then solve for the missing values. Exhibit 1.3 in the chapter provides a good model for completing this exercise.)
Cost of sales | $11,751 |
Provision for income taxes | 299 |
Interest expense | 25 |
Net earnings | ? |
Net sales | 16.210 |
Pretax income | ? |
Selling, occupancy, and administration expense | 3.613 |
Total expenses | ? |
Total revenues | ? |
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