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 $12,600 Sales revenue 1,750 Interest income 1,080 Cost of goods sold 3,950 Rent expense 4,980 Interest expense Inventory (July 31, 2021) $64,300 2,200 28,150 5,600 300 1,089 Required: 1. Prepare a multiple-step income statement for the month ended July 31, 2021

Answer 1

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$63,300 $28,150 $35,150 ANDE BASKIN-ROBINS Multiple - Step Income Statement for the month of July, go to 202|| Net Sales: T Total sales revenue $64,300 | Less: sales returns 1,000 - Net sales revenue | Cost of Goods sold Gross profit Operating expenses Salaries Expense 12,600 Obilities expense 3,050 Reut Expense 5,600 Total operating Income NON-operating iterus! Interest income 22 200 Interest Expense 300 Total Income before income Taxes Income tax expense Net Income 21,250 113,900 1900 15,800 4,900 $10, goo