Q # 03) The following information is taken from the ABC Department Store:

Available information (dollar amounts in thousands);

Net sales....................................................................................................................................$10,000

Net income.................................................................................................................................?

Current liabilities..........................................................................................................................2,000

Selling expenses...........................................................................................................................1,000

Long term Liabilities....................................................................................................................1,600

Total assets ...................................................................................................................................6800

Capital ........................................................................................................................................?

Gross profit .................................................................................................................................?

Cost of goods sold ...................................................................................................................... 7000

Current assets ........................................................................................................................... 4000

Income tax expense .................................................................................................................... 220

Operating income .....................................................................................................................?

General and administrative expenses ...................................................................................980

Plant & Equipment ..................................................................................................................2600

Other assets ................................................................................................................................?

Required:

Using the captions given above, prepare for Westport department store a condensed;

i)Multiple step income statement for the year ended Dec.31, 2014

ii)Balance sheet at Dec. 31, 2014