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Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its...

Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31 year-end: Administrative Expenses, $3,100; Cost of Goods Sold, $26,460; Income Tax Expense, $3,420; Interest Expense, $1,700; Interest Revenue, $220; General Expenses, $3,300; Net Sales Revenue, $44,345; and Delivery (freight-out) Expense, $370.

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

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Answer #1

Multistep income statement for Sellall Department Stores f or the year ended December 31

Sellall Department Stores

Income Statement

For the year ended December 31

Particulars

Amount ($)

Net Sales Revenue

           44,345

Less: Cost of goods sold

          -26,460

Gross profit

           17,885

Less: General Expenses

            -3,300

Less: Administrative Expenses

            -3,100

Less: Delivery (freight-out) Expenses

               -370

Income from operations

           11,115

Other revenue and gains

Add: Interest revenue

                220

Other expenses and losses

Less: Interest expense

            -1,700

Income before income taxes

             9,635

Less: Income tax expenses

            -3,420

Net Income

             6,215

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