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 $ 13,100 Sales revenue $ 66,800 Inventory (July 1, 2021) 2,000 Interest income 2,700 Sales returns 1,100 Cost of goods sold 28,400 Utilities expense 3,300 Rent expense 6,100 Income tax expense 5,400 Interest expense 400 Inventory (July 31, 2021) 1,100 Required: 1. Prepare a multiple-step
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 $ 13,100 Sales revenue $ 66,800 Inventory (July 1, 2021) 2,000 Interest income 2,700 Sales returns 1,100 Cost of goods sold 28,400 Utilities expense 3,300 Rent expense 6,100 Income tax expense 5,400 Interest expense 400 Inventory (July 31, 2021) 1,100 Required: 1. Prepare a multiple-step
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 | $ | 13,100 | Sales revenue | $ | 66,800 | |||
| Inventory (July 1, 2021) | 2,000 | Interest income | 2,700 | |||||
| Sales returns | 1,100 | Cost of goods sold | 28,400 | |||||
| Utilities expense | 3,300 | Rent expense | 6,100 | |||||
| Income tax expense | 5,400 | Interest expense | 400 | |||||
| Inventory (July 31, 2021) | 1,100 | |||||||
Required:
1. Prepare a multiple-step income statement for the month ended July 31, 2021.
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