Calculations with a Multiple-Step Income Statement
Below is a partial listing of the adjusted account balances of Roses Department Store at year-end on December 31, 2010.
Accounts Receivable $ 18,000
Cost of Goods Sold 255,000
Selling Expenses (includes depreciation) 35,000
Interest Expense 2,000
Accumulated Depreciation?Building 10,000
Sales Discounts 32,000
Merchandise Inventory 44,000
Administrative Expenses (includes depreciation) 17,000
Accounts Payable 15,000
Interest Revenue 700
Using whatever data you believe appropriate, prepare a multiple-step income statement for Roses Department Store for the year ended December 31, 2010.