Accounting: What the Numbers Mean 9th Edition by Wayne W McManus, Daniel F Viele, David H Marshall

Exercise 86

Understanding income statement relationships—Levi Strauss&Co. Following are selected data from the November 30, 2008, and November 25, 2007, consolidated balance sheets and income statements for the years then ended for Levi Strauss&Co. and Subsidiaries. All amounts are reported in thousands.

	2008	2007
Net revenues	. . . . $4,400,914	$
Cost of goods sold	. . . . ?	2,318,883
Gross profit	. . . . 2,139,802	2,042,046
Selling, general, administrative, and other operating
expenses, net	. . . . ?	1,401,005
Operating income	. . . . ?	?
Interest expense and other expenses, net	. . . . 156,903	265,415
Income before income taxes	. . . . 368,169	?
Income tax expense (benefit)	. . . . ?	(84,759)
Net income	. . . . $ 229,285	$ 460,385
As at November 30 and 25, respectively:
Total assets	. . . . $2,776,875	$ ?
Total liabilities	. . . . 3,125,800	3,244,575
Total stockholders’ deficit	. . . . ?	(393,909)

Required:

Calculate the missing amounts for each year.

Step 1 of 2

Understanding income statement relationships – case

Income statement: It refers to a financial statement that facilitates the net income/profit results by summarization of the company's income and expenses during a particular financial period.