Question: The following data for the current year ended June 30 are from the accounting records of Zanadu Co.: Administrative expenses $28,750 Cost of goods sold

The following data for the current year ended June 30 are from the accounting records of Zanadu Co.:

Administrative expenses $28,750
Cost of goods sold 181,440
Interest expense 3,600
Rent revenue 1,500
Sales 534,440
Selling expenses 65,000
Required:
Prepare a multiple-step income statement for the year ended June 30. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Negative amounts should be entered with a minus sign. Be sure to complete the statement heading.

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