1 answer

Discount Office Systems uses a perpetual inventory system. The adjusted trial balance of Discount Office Systems...

Question:

Discount Office Systems uses a perpetual inventory system. The adjusted trial balance of Discount Office Systems at March 31,Account Title Cash Accounts Receivable Merchandise Inventory Office Supplies Equipment Accumulated Depreciation Equipment Acc10,000 10,850 43,000 241,000 Common Stock Retained Earnings Dividends Sales Revenue Cost of Goods Sold Selling Expense Admini

Discount Office Systems uses a perpetual inventory system. The adjusted trial balance of Discount Office Systems at March 31, 2018, follows: (Click the icon to view the adjusted trial balance.) Prepare Discount's single-step income statement for the year ended March 31, 2018 Revenues: Net Sales Revenue Expenses: Cost of Goods Sold Selling Expense Administrative Expense Interest Expense Total Expenses Net Income (Loss)
Account Title Cash Accounts Receivable Merchandise Inventory Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable Notes Payable, long-term Balance Debit Credit 4,000 13,500 31,400 7,000 42,400 13,100 9,700 700 7.800
10,000 10,850 43,000 241,000 Common Stock Retained Earnings Dividends Sales Revenue Cost of Goods Sold Selling Expense Administrative Expense Interest Expense 108,450 26,700 14,500 2,200 $ 293,150 $ 293,150 Total

Answers

--Requirement asked

Income Statement
Revenue:
Net Sales Revenue $241,000
Expenses:
Cost of Goods Sold $108,450
Selling Expense $26,700
Administartive expense $14,500
Interest Expense $2,200
Total Expenses $151,850
Net Income (loss) [$ 241000 - 151850] $89,150
.

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