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Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31 year-end: Administrative Expenses, $1,900; Cost of Goods
Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31 year-end: Administrative Expenses, $1,900; Cost of Goods Sold, S19,980; Income Tax Expense, $2,820; Interest Expense, $1,500; Interest Revenue, $180; General Expenses, $2,100; Sales Revenue, $37,000; Sales Discounts, $1,850; Sales Returns and Allowances, $1,665; and Delivery (freight- out) Expense, $250. Prepare a multistep income statement for distribution to extemal financial statement users. SELLALL DEPARTMENT STORES Income Statement For the Year Ended December 31 et Sales $33,485 Cost of Goods Sold 19,800 ross Profit 1,850 250 4,000 (1,500) 180 2,820 Sales Discounts elivery Expense Income from Operations nterest Expense Interest Revenue Income before Income Tax Expense et Income
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