Calculate the missing income statement items for Exercise 9, CVS Caremark; Exercise 10, AutoZone; and Exercise 11, PetSmart. Complete each company's column; then move on to the next column.
THE INCOME STATEMENT
Company Year Ended | PetSmart February 3, 2013 (in thousands) |
Revenue | ______________ |
Cost of Goods Sold | 4,696.098 |
Gross Margin | 2,062,139 |
Operating Expenses | ______________ |
Income before Taxes | 651,217 |
Income Tax* | ______________ |
Net Income (loss) | 389,529 |
*Also includes interest expense and other income and losses.
To calculate: The revenue, operating expense and income tax of Pet Smart if gross margin is
Given Information:
Pet Smartâ€™s gross margin is
The Income Statement | |
Company Year Ended | PetSmart February 3,2013 (in thousands) |
Revenue | _______ |
Cost of Goods Sold | |
Gross Margin | |
Operating Expenses | ________ |
Income before Taxes | |
Income Tax | ________ |
Net Income(loss) |
Formula used:
The gross margin is computed by subtracting cost of goods sold from total revenue.
The equation can be reformed to compute the total revenue
The income before taxes is computed by subtracting total operating expense from gross margin.
The equation can be reformed to compute the operating expense.
The net income (loss) is computed by subtracting income tax from income before taxes
The equation can be reformed to compute income tax.
Calculation:
Consider Pet Smartâ€™s gross margin is
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