Question
Baskin-Robbins is one of the worlds largest specialty ice cream shops. The company offers dozens of different flavors, from Very Berry Strawberry to lowfat Espresso
Baskin-Robbins is one of the worlds largest specialty ice cream shops. The company offers dozens of different flavors, from Very Berry Strawberry to lowfat Espresso n Cream. Assume that a local Baskin-Robbins in Raleigh, North Carolina, has the following amounts for the month of July 2021. Salaries expense $ 13,600 Sales revenue $ 69,300 Inventory (July 1, 2021) 2,250 Interest income 3,200 Sales returns 1,200 Cost of goods sold 28,650 Utilities expense 3,550 Rent expense 6,600 Income tax expense 5,900 Interest expense 500 Inventory (July 31, 2021) 1,200 Required: 1. Prepare a multiple-step income statement for the month ended July 31, 2021.
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