following data (dollar amounts in millions) are from the financial statements of

Question

following data (dollar amounts in millions) are from the financial statements of Reg (Click the icon to view the data.) equired omplete the following condensed income state Data Table Sales Average shareholders' equity $ Interest expense Preferred shares S Operating income as a percent of sales . Retum on equity. $ 3,400 Operating expense Operating income Interest expense Pretax income 700 28% 30% 35% income tax expense Net income Print Done Enter any number in the edit fields and then click Check Answer. All parts showing Clear All HUGE DESIGNER

Explanation / Answer

Sales ($405,316.484+$157,623.077) $ 562,939.560 Operating expense ($157,623.077/28%*72%) $ 405,316.484 Operating income ($156,923.077+$700) $ 157,623.077 Interest expense $          700.000 Pretax income ($54,923.077+$102,000) $ 156,923.077 Income tax expense ($102,000/65%*35%) $    54,923.077 Net income ($3,400*30%) $ 102,000.000

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