Question

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	$	12,100			Sales revenue	$	61,800
Inventory (July 1, 2021)		1,500			Interest income		1,700
Sales returns		1,100			Cost of goods sold		27,900
Utilities expense		2,800			Rent expense		5,100
Income tax expense		4,400			Interest expense		400
					Inventory (July 31, 2021)		1,100

Required:

1. Prepare a multiple-step income statement for the month ended July 31, 2021.
  

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	$	12,100			Sales revenue	$	61,800
Inventory (July 1, 2021)		1,500			Interest income		1,700
Sales returns		1,100			Cost of goods sold		27,900
Utilities expense		2,800			Rent expense		5,100
Income tax expense		4,400			Interest expense		400
					Inventory (July 31, 2021)		1,100

Required:

1. Prepare a multiple-step income statement for the month ended July 31, 2021.
  

Answer 1