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 |
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Adjusted Trial Balance |
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March 31, 2018 |
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Balance |
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Account Title |
Debit |
Credit |
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Cash |
$2,700.00 |
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Accounts Receivable |
13,700 |
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Merchandise Inventory |
31,100 |
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Office Supplies |
6,600 |
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Equipment |
42,000 |
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Accumulated Depreciation—Equipment |
$13,200.00 |
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Accounts Payable |
9,500 |
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Salaries Payable |
1,100 |
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Notes Payable, long-term |
8,500 |
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Morris, Capital |
15,100 |
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Morris, Withdrawals |
45,500 |
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Sales Revenue |
231,000 |
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Cost of Goods Sold |
92,400 |
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Selling Expense |
27,700 |
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Administrative Expense |
14,000 |
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Interest Expense |
2,700 |
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Total |
$278,400.00 |
$278,400.00 |
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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