Question
Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31 year-end: Administrative Expenses, $1,500; 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, $1,500; Cost of Goods Sold, $17,820; Income Tax Expense, $2,630; Interest Expense, $1,400; Interest Revenue, $160; General Expenses, $1,700; Sales Revenue, $33,000; Sales Discounts, $1,650; Sales Returns and Allowances, $1,485; and Delivery (freight-out) Expense, $210.
Prepare a multistep income statement for distribution to external financial statement users.
SELLALL DEPARTMENT STORES
Income Statement
For the Year Ended December 31
17,820
Gross Profit
Income from Operations
1,400
160
Income before Income Tax Expense
2,630
Net Income
I have only been able to find out certain information on the income statement and unable to find out the other entries
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