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  3. sellall department stores reported the following a

Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of...

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Accounting

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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, $2,700; Cost of Goods Sold, $24,300; Income Tax Expense, $3,230; Interest Expense, $1,600; Interest Revenue, $200; General Expenses, $2,900; Net Sales Revenue, $40,725; and Delivery (freight-out) Expense, $330. 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 Delivery Expense S40,725 24,300 16,425 330 income from Operations ncome before Income Tax Expense Net Income

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