Problem – VI Multiple-Step Income Statement
Below is a partial listing of the adjusted account balances of Murray Department Store at year end
on December 31, 2005.
Accounts Receivable $ 19,000
Cost of Goods Sold 255,000
Selling Expenses (includes depreciation) 35,000
Interest Expense 1,000
Accumulated Depreciation Building 10,000
Sales Discounts 22,000
Merchandise Inventory 45,000
Administrative Expenses (includes depreciation) 15,000
Sales 330,000
Accounts Payable 14,000
Interest Revenue 800
Instructions
Using whatever data you believe appropriate, prepare a multiple-step income statement for Murray
Department Store for the year ended December 31, 2005