Bigco Corporation 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 $ 11,571
Income taxes 249
Interest expense 23
Net earnings 1,442
Sales 16,400
Earnings before income taxes 1,691
Selling, general, and administration expense 3,543
Other revenues 428
Total expenses (excluding income taxes) 15,137
Total revenues 16,828
Prepare an income statement for the year ended June 30, current year. (Hint: First order the items as they would appear on the income statement and then confirm the values of the subtotals and totals.)