Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31 year-end: Administrative Expenses, $2,100; Cost of Goods Sold, $21,060; Income Tax Expense, $2,930; Interest Expense, $1,500; Interest Revenue, $180; General Expenses, $2,300; Net Sales Revenue, $35,295; and Delivery (freight-out) Expense, $270. Prepare a multistep income statement for distribution to external financial statement users. SELLALL DEPARTMENT STORES Income Statement For the Year Ended December 31 Net Sales Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Withheld Income Taxes Payable $ 35,295 21,060 14,235 4,670 9,569
Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31 year-end: Administrative Expenses, $2,100; Cost of Goods Sold, $21,060; Income Tax Expense, $2,930; Interest Expense, $1,500; Interest Revenue, $180; General Expenses, $2,300; Net Sales Revenue, $35,295; and Delivery (freight-out) Expense, $270. Prepare a multistep income statement for distribution to external financial statement users. SELLALL DEPARTMENT STORES Income Statement For the Year Ended December 31 Net Sales Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Withheld Income Taxes Payable $ 35,295 21,060 14,235 4,670 9,569
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Sellall Department Stores reported the following amounts in its adjusted trial balance
prepared as of its December 31 year-end: Administrative Expenses, $2,100; Cost of Goods
Sold, $21,060; Income Tax Expense, $2,930; Interest Expense, $1,500; Interest Revenue,
$180; General Expenses, $2,300; Net Sales Revenue, $35,295; and Delivery (freight-out)
Expense, $270.
Prepare a multistep income statement for distribution to external financial statement users.
SELLALL DEPARTMENT STORES
Income Statement
For the Year Ended December 31
Net Sales
Cost of Goods Sold
Gross Profit
Operating Expenses
Income from Operations
Withheld Income Taxes Payable
$
35,295
21,060
14,235
4,670
9,569
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