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

Administrative expenses	$28,750
Cost of merchandise 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. Be sure to complete the statement heading. If an amount is a negative number use a minus sign to indicate. Colon (:) will automatically appear if it is required.

Labels and Amount Descriptions

Labels
For the Year Ended June 30
Operating expenses
Other revenue and expense
Amount Descriptions
Gross profit
Income from operations
Net income
Total operating expenses

Income Statement

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. Be sure to complete the statement heading. If an amount is a negative number use a minus sign to indicate. Colon (:) will automatically appear if it is required.

Zanadu Co.

Income Statement

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