Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31 year-end: Administrative Expenses, $3,200; Cost of Goods Sold, $27,000; Income Tax Expense, $3,480; Interest Expense, $1,700; Interest Revenue, $220; General Expenses, $3,400; Net Sales Revenue, $45,250; and Delivery (freight-out) Expense, $380.

Prepare a multistep income statement for distribution to external financial statement users

M6-13 Preparing a Multistep Income Statement [LO 6-6] Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31 year-end: Administrative Expenses, $3,200; Cost of Goods Sold, $27,000; Income Tax Expense, $3,480; Interest Expense, $1,700; Interest Revenue, $220; General Expenses, $3,400; Net Sales Revenue, $45,250; and Delivery (freight-out) Expense, $380. Prepare a multistep income statement for distribution to external financial statement users. SELLALL DEPARTMENT STORES Income Statement For the Year Ended December 31 Net Sales Cost of Goods Sold Gross Profit Operating Expenses $ 45,250 27,000 18,250 3,200 X 15,050 x Income from Operations Other Revenue Income before Income Tax Expense Income Tax Expense 15,050 X Net Income $ 15,050