What is the multistep income statement? NFT Consulting and Sales Inc PARTIALLY A

Question

What is the multistep income statement?

NFT Consulting and Sales Inc PARTIALLY ADJUSTED TRIAL BALANCE October 31 2017 Part Adj T/B October Jes Trial Balance Adj Jes Adj T/B DR CR DR CR DR CR DR CR DR CR Cash $332,218          332,218                332,218 Accounts Receivable 146,800 16,275          163,075                163,075 Allowance for Uncollectible Accounts $3,689             3,689                        4,109                7,798 Supplies 42,600            42,600                  42,600 Inventory 2,650 8,200           8,860              1,990                             35                    1,955 Prepaid Insurance 16,800            16,800                  16,800 Land 50,000            50,000                  50,000 Building 110,000          110,000                110,000 Accumulated Depr – Building 5,670             5,670                5,670 Computer equipment 52,950            52,950                  52,950 Accumulated Depr – Comp Equip 1,750             1,750                1,750 Office Furniture        45,900            45,900                  45,900 Accumulated Depr - Office Furniture 890                890                   890 Accounts Payable 16,560           8,200           24,760              16,560 Interest Payable          3,200             3,200                3,200 Utilities Payable 8,952             8,952                8,952 Wages Payable 45,800           45,800              45,800 Long term Note Payable 90,000           90,000              90,000 Mortgage Payable 60,000           60,000              60,000 Common Stock 400,000         400,000            400,000 Retained Earnings 126,867         126,867            126,867 Dividends          4,000              4,000                    4,000 Service Revenue 365,400         365,400            365,400 Tablet Sales Revenue 222,400         16,275         238,675            238,675 Cost of Goods Sold 154,500 8,860          163,360               35                163,395 Bad Debt Expense          4,109                    4,109 Depreciation Expense – Building 1,350              1,350                    1,350 Depreciation Expense - Computer Equip 890                 890                       890 Depreciation Expense - Office Furn 650                 650                       650 Interest Expense 3560              3,560                    3,560 Insurance Expense 38,950            38,950                  38,950 Supplies expense 72,860            72,860                  72,860 Utilities Expense 75,900            75,900                  75,900 Wage Expense 198,600          198,600                198,600 Subtotals Net Income TOTALS $1,351,178 $1,351,178 $33,335 $     33,335 $   1,375,653 $ 1,375,653 $ 4,144.49 $               4,144.49 $    1,379,762.49 $1,371,562

Explanation / Answer

NFT CONSULTING AND SALES INC Income Statement For the Period Ended Oct 31, 2017 Sales Revenue Sales       238,675.00 Cost of Goods Sold       163,395.00 Gross Margin         75,280.00 Other Operating Income Service Revenue       356,400.00 Less: Selling & Administrative Expenses Bad Debts Expense            4,109.00 Depreciation Expense - Building            1,350.00 Depreciation Expense - Computer Equip.                890.00 Depreciation Expense - Office Furn                650.00 Insurance Expense          38,950.00 Supplies Expense          72,860.00 Utilities Expense          75,900.00 Wages Expense        198,600.00       393,309.00 Net Operating Income         38,371.00 Other Income & Losses Interest Expense            3,560.00 Net Income         34,811.00

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