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(solution) M6-13 Preparing a Multistep Income Statement [LO 6-5] Sellall


M6-13 Preparing a Multistep Income Statement [LO 6-5]

Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31 year-end: Administrative Expenses, $2,800; Cost of Goods Sold, $24,840; Income Tax Expense, $3,260; Interest Expense, $1,700; Interest Revenue, $220; General Expenses, $3,000; Sales Revenue, $46,000; Sales Discounts, $2,300; Sales Returns and Allowances, $2,070; and Delivery (freight-out) Expense, $340.


 

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


 


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