Question

Required Information [The following information applies to the questions displayed below.) 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 Inventory (July 1, 2021) Sales returns Utilities expense Income tax expense $12,400 1,650 1,100 2,950 4,700 Sales revenue Interest income Cost of goods sold Rent expense Interest expense Inventory (July 31, 2021) $63,300 2,000 28,050 5,400 400 1,100 equired: Prepare a multiple-step income statement for the month ended July 31, 2021. BASKIN-ROBBINS Multiple-step Income Statement For the month of July 2021 Net sales: Total sales revenue Net sales revenue Operating expenses: 10 of 10 Next MacBook Air

Answer 1

622001 28050 34150 Answer: BASKIN-ROBBINS Multiple Step Income Statement For the Month of July, 2021 Net Sales: Total Sales Revenue 63300 Less: Sales Returns 1100 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Salaries Expense 12400 Utilities Expense 2950 Rent Expense 5400 Total Operating Income Non Operating Items: Interest Income 2000 Interest Expense 400) Total Income before Income Tax Less: Income Tax Expense Net Income 20750 13400 1600 15000 4700 10300