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Not sure what I'm doing wrong on this problem. Answer isn't 330 either. Sellall Department Stores reported the following amounts in its adjusted trial balance
Not sure what I'm doing wrong on this problem. Answer isn't 330 either.
Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31 year-end: Administrative Expenses, $2,700; Cost of Goods Sold, $24,300; Income Tax Expense, $3,230; Interest Expense, $1,600; Interest Revenue, $200; General Expenses, $2,900; Net Sales Revenue, $40,725; and Delivery (freight-out) Expense, $330. Prepare a multistep income statement for distribution to external financial statement users. X Answer is not complete. SELLALL DEPARTMENT STORES Income Statement For the Year Ended December 31 Net Sales $ 40,725 Cost of Goods Sold 24,300 16,425 Gross Profit Operating Expenses Delivery Expense Income from Operations 3,030 X 10,495 Interest Revenue 200 Interest Expense (1,600) Income before Income Tax Expense 9,095 Income Tax Expense 3,230 5,865 Net IncomeStep by Step Solution
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