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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, $3,300; Cost of Goods Sold, $27,540; Income Tax Expense, $3,530; Interest Expense, $1,700; Interest Revenue, $220; General Expenses, $3,500; Net Sales Revenue, $46,155; and Delivery (freight-out) Expense, $390.

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

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Answer #1

Formula for income statement

1.Gross profit= Sales- Cost of goods sold

2. Operating income=Gross profit-Total operating expense

3. Net income= Operating income+Total non operating

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