Baskin-Robbins is one of the worlds largest specialty ice cream shops. The company offers dozens of different

Fantastic news! We've Found the answer you've been seeking!

Question:

Baskin-Robbins is one of the world’s largest specialty ice cream shops. The company offers dozens of different flavors, from Very Berry Strawberry to lowfat Espresso ’n Cream. Assume that a local Baskin-Robbins in Raleigh, North Carolina, has the following amounts for the month of July 2021.


Salaries expense	$	12,100	Sales revenue	$	61,800
Inventory (July 1, 2021)		1,500	Interest income		1,700
Sales returns		1,100	Cost of goods sold		27,900
Utilities expense		2,800	Rent expense		5,100
Income tax expense		4,400	Interest expense		400
			Inventory (July 31, 2021)		1,100

Required:

1. Prepare a multiple-step income statement for the month ended July 31, 2021.


Salaries expense	$	12,100	Sales revenue	$	61,800
Inventory (July 1, 2021)		1,500	Interest income		1,700
Sales returns		1,100	Cost of goods sold		27,900
Utilities expense		2,800	Rent expense		5,100
Income tax expense		4,400	Interest expense		400
			Inventory (July 31, 2021)		1,100