Latest annual income statement

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Reference no: EM131221038

A company reports sales of $2,245,000 in its latest annual income statement. The sales, however, are reported for a year that consists of 53 weeks. You want to project sales for the coming year based on the most recently reported year but you now need to convert last year’s sales to a 52-week year. Once you have converted the 53-week year to a 52-week year, the sales for the previous year will be restated to the following figure:

a. $2,245,000 – no need to restate as the current figure is acceptable

b. Insufficient information provided

c. $2,202,642

d. $2,288,173

e. $2,033,208

Reference no: EM131221038

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