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Sellall Department Stores reported the following amounts as of its December 31 year-end: Administrative Expenses, $2,800; Cost of Goods Sold, $24,840; Income Tax Expense, $3,260;
Sellall Department Stores reported the following amounts as of its December 31 year-end: Administrative Expenses, $2,800; Cost of Goods Sold, $24,840; Income Tax Expense, $3,260; Interest Expense, $1,700; Interest Revenue, $220; General Expenses, $3,000; Net Sales, $41,630; and Delivery (freight-out) Expense, $340. Prepare a multistep income statement for distribution to external financial statement users.
Net Sales | 41630 |
Costs of Good sold | 24840 |
Gross Profit | 16790 |
Selling, General, and administrative Expenses | 6140 |
? | ? |
Income from operations | ? |
Interest Revenue | 220 |
Interest expense | 1700 |
Income before income tax expense | ? |
Income Tax expense | 3260 |
? | ? |
Net Income | ? |
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