Question

Presented below is the adjusted trial balance of Katie’s Pet Supplies as at its fiscal year...

Presented below is the adjusted trial balance of Katie’s Pet Supplies as at its fiscal year end, June 30, 2017. All accounts are their normal balance (debit or credit). Katie’s uses the perpetual inventory system.
Accounts payable........................... $ 34,850 K. Milani, Capital..................... $ 50,770
Accounts receivable.......................... 27,300 K. Milani, Drawings.................. 24,000
Accum. depreciation, computers......... 1,500 Long-term note receivable...... 14,000
Accum. depreciation, equipment....... 32,000 Merchandise inventory............ 55,000
Advertising expense............................ 3,200 Note payable, due 2018.......... 47,000
Cash.................................................... 9,500 Prepaid rent............................. 1,500
Computers........................................... 4,500 Rent expense.......................... 14,000
Cost of goods sold........................... 195,000 Salaries expense..................... 46,800
Depreciation Expense......................... 4,000 Salaries payable...................... 6,200
Equipment.......................................... 80,000 Sales discounts....................... 100
Freight-out expense............................. 6,200 Sales returns and allowances. 1,000
Insurance expense.............................. 2,200 Sales revenue.......................... 320,000
Interest expense.................................. 2,350 Supplies................................... 900
Interest payable...................................... 280 Supplies expense.................... 1,750
Interest revenue...................................... 700
Instructions Prepare a multiple-step income statement.
Business   Accounting   
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Answer #1
Multi-step Income Statement
Revenues
Sales revenue 320,000
Less:
Sales discount 100
Sales return and allowance 1,000
-1,100
Net Sales 318,900
Cost of goods sold -195,000
Gross profit 123,900
Operating Expenses:
Advertising expense 3,200
Depreciation expense 4,000
Freight out 6,200
Insurance expense 2,200
Rent expense 14,000
Salaries expense 46,800
Supplies expense 1,750
Total operating expenses -78,150
Operating Profit 45,750
Other revenues:
Interest revenue 700
Other expenses:
Interest expense -2,350
Net income $44,100

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