Sellall Department Stores reported the following amounts as of its December 31 year-end. Administrative Expenses, $3,400;...

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Sellall Department Stores reported the following amounts as of its December 31 year-end. Administrative Expenses, $3,400; Cost of Goods Sold, $28,080, Income Tax Expense, $3.560, Interest Expense, $1,800, Interest Revenue, $240, General Expenses, $3,600, Net Sales, $47,060, and Delivery (freight-out) Expense, $400. Prepare a multistep income statement for distribution to external financial statement users Answer is complete but not entirely correct. SELLALL DEPARTMENT STORES Income Statement For the Year Ended December 31 Net Sales Cost of Goods Sold Gross Profit Selling, General, and Administrative Expenses Interest Revenue Income from Operations Delivery Expense Other Operating Expenses Income before Income Tax Expense Income Tax Expense Gross Profit 3000 60006 47,060 28,080 18,980 3,400 1,800 13,780 400 3,600 9,540 3,560 5,980 Sellall Department Stores reported the following amounts as of its December 31 year-end. Administrative Expenses, $3,400; Cost of Goods Sold, $28,080, Income Tax Expense, $3.560, Interest Expense, $1,800, Interest Revenue, $240, General Expenses, $3,600, Net Sales, $47,060, and Delivery (freight-out) Expense, $400. Prepare a multistep income statement for distribution to external financial statement users Answer is complete but not entirely correct. SELLALL DEPARTMENT STORES Income Statement For the Year Ended December 31 Net Sales Cost of Goods Sold Gross Profit Selling, General, and Administrative Expenses Interest Revenue Income from Operations Delivery Expense Other Operating Expenses Income before Income Tax Expense Income Tax Expense Gross Profit 3000 60006 47,060 28,080 18,980 3,400 1,800 13,780 400 3,600 9,540 3,560 5,980

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