Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31 year-end: Administrative Expenses, $2,400; Cost of Goods Sold, $22,728; Income Tax Expense, $3,000; Interest Expense, $1,600; Interest Revenue, $200; General Expenses, $2,600; Net Sales Revenue, $37,880; and Delivery (freight-out) Expense, $300. Required:
Prepare a multistep income statement for distribution to external financial statement users.

$5,452

Explanation:

Preparation of a multistep income statement for distribution to external financial statement users

SELLALL DEPARTMENT STORES

Income Statement

For the Year Ended December 31

Net Sales$37,880

Less Cost of Goods Sold $22,728

Gross Profit 15,152

($37,880-$22,728)

Operating Expenses

Administrative Expenses $2,400

General Expenses $2,600

Delivery Expense $300

Total Operating Expenses $5,300

($2,400+$2,600+$300)

Income from Operations $9,852

($15,152-$5,300)

Interest Expense($1,600)

Interest Revenue $200

Income before Income Tax Expense $8,452

($9,852-$1,600+$200)

Income Tax Expense $3,000

Net Income $5,452

($8,452-$3,000)

i think it is sales-oriented, but i am not sure

you will have $2593.74 in 10 years if you set aside $1,000 at 10%

you will have $9321.91 in 20 years if you set aside $2000 at 8%

you will have $1469.32 in 5 years if you set aside $1000 at 8%

you will have $1296.87 in 10 years if you set aside $500 at 10%

you will have $239.66 in 15 years if you set aside $100 at 6%

you will have $4660.96 in 20 years if you set aside $1000 at 8%