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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, $2,100, 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, $2,100, Cost of Goods Sold, $21,060; Income Tax Expense, $2,930, Interest Expense, $1,500, Interest Revenue, $180, General Expenses, $2,300; Net Sales Revenue, $35,295; and Delivery (freight-out) Expense, $270 Prepare a multistep Income statement for distribution to external financlal statement users. SELLALL DEPARTMENT STORES Income Statement For the Year Ended December 31 Net Sales 35,295 Cost of Goods Sold 21,060 Gross Profit 14,235 Operating Expenses Delivery Expense 270 Income from Operations Interest Expense Income before Income Tax Expense Accumulated Other Comprehensive Income ncome Tax Expense 2.930 Net Income
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