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Fyi: there is no option for general expense or administrative expense Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as
Fyi: there is no option for general expense or administrative expense
Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31 year-end: Administrative Expenses, $2,500; Cost of Goods Sold, $23,220; Income Tax Expense, $3,120; Interest Expense, $1,600; Interest Revenue, $200; General Expenses, $2,700; Net Sales Revenue, $38,915; and Delivery (freight-out) Expense, $310. Prepare a multistep income statement for distribution to external financial statement users. Answer is not complete. SELLALL DEPARTMENT STORES Income Statement For the Year Ended December 31 Net Sales $ 38,915 Cost of Goods Sold 23,220 Gross Profit 15,695 Operating Expenses Depreciation Expense 2,700 Income from Operations 12,995 Interest Revenue 200 Interest Expense (1,600) Income before Income Tax Expense 11,595 Income Tax Expense 3,120 Net Income $ 8,475Step by Step Solution
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