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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	$	13,000			Sales revenue	$	66,300
Inventory (July 1, 2021)		1,950			Interest income		2,600
Sales returns		1,200			Cost of goods sold		28,350
Utilities expense		3,250			Rent expense		6,000
Income tax expense		5,300			Interest expense		500
					Inventory (July 31, 2021)		1,200

Required:

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

BASKIN-ROBBINS
Multiple-step Income Statement
For the month of July 2021
Net sales:
Total sales revenue
Net sales revenue
Operating expenses:
Total		0
Operating income
Non-operating items:
Total

Answer 1