Question
Asked Oct 17, 2019
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Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31 year-end: Administrative Expenses, $1,900; Cost of Goods Sold, $19,980; Income Tax Expense, $2,820; Interest Expense, $1,500; Interest Revenue, $180; General Expenses, $2,100; Net Sales Revenue, $33,485; and Delivery (freight-out) Expense, $250.


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

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Step 1

Income Statement:

 

An income statement is a financial statement prepared by a company to report their financial performance over a particul...

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