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can someone tell me what the correct answer is! please:) Required information [The following information applies to the questions displayed below.) Baskin-Robbins is one of
can someone tell me what the correct answer is! please:)
Required information [The following information applies to the questions displayed below.) Baskin-Robbins is one of the world's 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 Inventory (July 1, 2021) Sales returns Utilities expense Income tax expense $13,500 2,200 1,000 3,500 5,800 Sales revenue Interest income Cost of goods sold Rent expense Interest expense Inventory (July 31, 2021) $68,800 3,100 28,600 6,500 300 1,000 Required: 1. Prepare a multiple-step income statement for the month ended July 31, 2021. X Answer is complete but not entirely correct. BASKIN-ROBBINS Multiple-step Income Statement For the month of July 2021 Net sales: Total sales revenue $ 68,800 Less: Sales returns 1,000 Net sales revenue $ 67,800 Cost of goods sold 28,600 39,200 Gross profit Operating expenses: Salaries expense Utilities expense Rent expense 13,500 3,500 6,500 23,500 15,700 Total Operating income Non-operating items: Interest expense Interest income 3 300 3,100 Total Income before income taxes Income tax expense 2,800 15,400x 5,800 Net income $ 9,600XStep by Step Solution
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