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Baskin-Robbins is one of the world’s largest specialty ice cream shops. The company offers dozens of different flavors, from Very Berry Strawberry to lowfat Espresso ’n Cream. Assume that a local Baskin-Robbins in Raleigh, North Carolina, has the following amounts for the month of July 2021.

Salaries expense	$	13,300			Sales revenue	$	67,800
Inventory (July 1, 2021)		2,100			Interest income		2,900
Sales returns		1,200			Cost of goods sold		28,500
Utilities expense		3,400			Rent expense		6,300
Income tax expense		5,600			Interest expense		500
					Inventory (July 31, 2021)		1,200

Prepare a multiple-step income statement for the month ended July 31, 2021.

Answer 1