Required information Problem 6-7A Prepare a multiple-step income statement and calculate the inventory turnover ratio and gross profit ratio (L06-2, 6-7) (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 lowfot 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 $12,300 Sales revenue 1,600 Interest income 1,000 cost of goods sold 2,900 Rent expense 4,600 Interest expense Inventory (July 31, 2021) $62,880 1,900 28,000 5,300 300 1,000 Problem 6-7A Part 1 Required: 1. Prepare a multiple-step income statement for the month ended July 31, 2021. BASKIN-ROBBINS Multiple-step Income Statement For the month of July 2021 Net sales: Total sales revenue $ 62,800 Less: Sales returns (1,000) Net sales revenue ces Operating expenses 0 Total Operating income Non-operating items Required information Exercise 6-8A Record inventory purchase and purchase discount using a perpetual system (L06-5) (The following information applies to the questions displayed below.) On June 5, Staley Electronics purchases 220 units of inventory on account for $15 each with terms 1/10,n/30. Staley pays for the inventory on June 12 Exercise 6-8A Part 1 Required: 1. Record transactions for the purchase of Inventory and payment on account assuming the company uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the purchase of Inventory on account Note: Enter debits before credits Journal entry worksheet Record the payment on account. Note: Enter debits before credits. General Journal Debit Credit Date June 12 Record entry Clear entry View general journal work Saved Help Exercise 6-8A Part 2 2. Assume payment is made on June 22. Record the payment on account assuming the company uses a perpetual inventory system (if no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet