Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31 year-end: Administrative Expenses, $2,600; Cost of Goods Sold, $23,760; Income Tax Expense, $3,170; Interest Expense, $1,600; Interest Revenue, $200; General Expenses, $2,800; Net Sales Revenue, $39,820; and Delivery (freight-out) Expense, $320.

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

SELLALL DEPARTMENT STORES
Income Statement
For the Year Ended December 31selected answer correct
Net Salesselected answer correct	$39,820selected answer correct
Interest Revenueselected answer incorrect	200selected answer incorrect
not attempted	40,000selected answer incorrect
Cost of Goods Soldselected answer incorrect	23,760selected answer incorrect
not attempted	not attempted
Gross Profitselected answer incorrect	16,260selected answer incorrect
Delivery Expenseselected answer incorrect	320selected answer incorrect
Utilities Expenseselected answer incorrect	2,600selected answer incorrect
Loss before Income Tax Expenseselected answer incorrect	1,600selected answer incorrect
not attempted	9,540selected answer incorrect
Income Tax Expenseselected answer correct	3,170selected answer correct
Net Incomeselected answer correct	$6,370selected answer incorrect