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Sellall Department Stores reported the following amounts as of its December 31 year-end: Administrative Expenses $2,000: Cost of Goods Sold. $20.520; Income Tax Expense, $2,870:
Sellall Department Stores reported the following amounts as of its December 31 year-end: Administrative Expenses $2,000: Cost of Goods Sold. $20.520; Income Tax Expense, $2,870: Interest Expense $1.500: Interest Revenue. $180: General Expenses $2200: Net Sales, $34.390; and Delivery (freight-out) Expense. $260. Prepare a multistep Income statement for distribution to external financial statement users. SELLALL DEPARTMENT STORES Income Statement
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