Question

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

Efficient Office Systems uses a perpetual inventory system. The adjusted trial balance of Efficient Office Systems at March 31 comma 2018March 31, 2018​, follows:

Prepare Efficient's multi-step income statement for the year ended March 31, 2018

Efficient Office Systems

Adjusted Trial Balance

March 31, 2018

Balance

Account Title

Debit

Credit

Cash

$2,700.00

Accounts Receivable

13,700

Merchandise Inventory

31,100

Office Supplies

6,600

Equipment

42,000

Accumulated Depreciation—Equipment

$13,200.00

Accounts Payable

9,500

Salaries Payable

1,100

Notes Payable, long-term

8,500

Morris, Capital

15,100

Morris, Withdrawals

45,500

Sales Revenue

231,000

Cost of Goods Sold

92,400

Selling Expense

27,700

Administrative Expense

14,000

Interest Expense

2,700

Total

$278,400.00

$278,400.00

Homework Answers

Answer #1
Multi- step income statement
Revenue
Sales Revenue $ 231,000.00
Less: Cost of Goods sold $   92,400.00
Gross Margin $ 138,600.00
Less: Operating Expenses
Selling Expense $ 27,700.00
Administrative Expense $ 14,000.00
Total Operating Expenses $   41,700.00
Operating Income $   96,900.00
Less: Non- Operating Expense
Interest Expense $     2,700.00
Income before tax $   94,200.00
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