Sellall Department Stores reported the following amounts in

Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31 year-end: Administrative Expenses, $1,500, Cost of Goods Sold, $17,820; Income Tax Expense, $2,630; Interest Expense, $1,400; Interest Revenue, $160; General Expenses, $1,700; Sales Revenue, $33,000; Sales Discounts, $1,650; Sales Returns and Allowances, $1,485; and Delivery (freight- out) Expense, $210. Prepare a multistep income statement for distribution to external financial statement users. Answer is not complete SELLALL DEPARTMENT STORES Income Statement For the Year Ended December 31 Net Sales Cost of Goods Sold Gross Profit 17,820 Income from Operations Interest Expense Interest Revenue Income before Income Tax Expense O1,400 160 Income Tax Expense Net Income 2,630 MacBook A

Solution

Income Statement: net sales (33000-1650-1485) 29865 Less: Cost of goods sold 17820 Gross margin 12045 Less: Expense Admin expense 1500 General expense 1700 Delivery expense 210 Income from operations 8635 Interest revenue 160 Interest expense -1400 Net income before tax 7395 Less: Income taxx 2630 Net income after tax 4765 Income statement: Revenue Net sales 1528 Cost of Goods sold 936 Gross Margin. 592 Salaries and wages expense 486 income from operations 106 Interst expense 36 Net income before tax 70 Lless: Income tax 34 Net income after tax 36