OO eztomheducationcomhmtpx The following information applies

OO eztomheducation.com/hmtpx The following information applies to the questions displayed below Wolverine World Wide Inc. prides itself as being the \"world\'s leading footweor. The following date (in miltions) were token from its annual report for its 2012 fiscal year marketer of U.S. branded non-athletic Net Sales Income Tax Expense DiMidends Salaries and Wages Expense Cost of Goods Sold Interest Expense $1,640 10 20 520 1,010 20 value 14.32 points 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) Type here to search

Solution

Answer:

Wolverine World Wide Inc

Income statement-Multiple step

(in millions)

Net Sales

$1,640

Less: Cost of goods sold

$1,010

Gross profit

$630

Less: Salaries and wages expense

$520

Earnings before interest and income taxes

$110

Less: Interest expenses

$20

Earnings before income taxes

$90

Less: Income tax expenses

$10

Net income

$80

Wolverine World Wide Inc
Income statement-Multiple step
(in millions)
Net Sales	$1,640
Less: Cost of goods sold	$1,010
Gross profit	$630
Less: Salaries and wages expense	$520
Earnings before interest and income taxes	$110
Less: Interest expenses	$20
Earnings before income taxes	$90
Less: Income tax expenses	$10
Net income	$80