Question

Title 15. The following is the adjusted trial balance of Jason's Department Store at the end of the year, December 31, 2019. Please create the multi-step income statement as of that date. The lines are provided for your convenience so you can make a neat income statement (26 Points). Acct # Account Title Debit Credit 101 Cash 18,000 126 Supplies inventory 8,000 128 Prepaid insurance 10,000 167 Equipment 40.000 168 Accumulated depreciation - Equip 10,000 200 Accounts payable 15,000 307 Common stock 318 Retained earnings 30,000 319 Dividends 20.00 404 Sales revenue 195,000 500 Cost of goods sold 100.00 612 Sales and Admin salaries expense 32,500 622 Commission expense 11,500 15,000 255,000 255,000 640 Rent expense

Answer 1

Multistep income statement

Sales		195000
Cost of goods sold		100000
Gross profit		95000
Operating expense
Sales and admin salaries expense	32500
Commission expense	11500
Rent expense	15000
Total operating expense		59000
Operating income		36000