Multiple-Step Income Statement On March 31, 2019, the balances of the accounts a
ID: 2399641 • Letter: M
Question
Multiple-Step Income Statement On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation- Building Building Cash Cost of Merchandise Sold Interest Expense Kathy Melman, Capital Kathy Melman, Drawing $733,650 523,750 2,565,500 177,550 3,637,800 10,450 1,573,450 173,500 Merchandlse Inventory Notes Payable Office Supplies Salaries Payable Sales Selling Expenses Store Supplies $1,016,500 251,050 20,800 8,050 6,375,950 715,950 90,900 a. Prepare a multiple-step income statement for the year ended March 31, 2019Explanation / Answer
Multiple Step Income statement for the year ended March 31, 2019
Income Statement
For the year ended march 31, 2019
Amount ($)
Sales revenue
63,75,950
Cost of merchandise sold
36,37,800
Gross Profit
27,38,150
Expenses ;
Administrative Expenses
5,23,750
Selling expenses
7,15,950
Total Expenses
12,39,700
Operating profit
14,98,450
Other Expenses
Interest expense
10,450
Net Income
14,88,000
Income Statement
For the year ended march 31, 2019
Amount ($)
Sales revenue
63,75,950
Cost of merchandise sold
36,37,800
Gross Profit
27,38,150
Expenses ;
Administrative Expenses
5,23,750
Selling expenses
7,15,950
Total Expenses
12,39,700
Operating profit
14,98,450
Other Expenses
Interest expense
10,450
Net Income
14,88,000
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.