Chapter 6, Problem 13ME

Preparing a Multistep Income Statement

Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31 year-end: Administrative Expenses, $2,400; Cost of Goods Sold, $22,728; Income Tax Expense, $3,000; Interest Expense, $1,600; Interest Revenue, $200; General Expenses, $2,600; Net Sales Revenue, $37,880; and Delivery (freight-out) Expense, $300. Prepare a multistep income statement for distribution to external financial statement users, using a format similar to Exhibit 6.8.