Question

Multiple-Step Income Statement On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesa Accumulated Depreciation-Building $764,250 Merchandise Inventory $1,017,050 Administrative Expenses 565,050 Notes Payable 256,250 Building 2,585,800 Office Supplies 20,250 Cash 167,850 Salaries Payable 8,200 Cost of Merchandise Sold 3,985,500 Sales 6,528,950 Interest Expense 9,900 Selling Expenses 715,550 Kathy Melman, Capital 1,614,050 Store Supplies 91,400 Kathy Melman, Drawing 175,850 a. Prepare a multiple-step income statement for the year ended March 31, 2019. Racine Furnishings Company Income Statement For the Year Ended March 31, 2019 Sales $ 6,528,950 Cost of merchandise sold 3,985,500 Gross profit Expenses: Selling expenses Administrative expenses Previous Ne Check My Work Save and Exit Email Instructor All work saved Submit Assignment for Gr MacBook Air

Answer 1

Answer
Net income Statement 2019
Particulars	Amount	Amount
Sales	$ 6,528,950
Cost of goods sold	$ 3,985,500
Gross profit		$ 2,543,450
Expenses:
Administrative expenses	$    565,050
Selling expenses	$    715,550
Total expenses		$ 1,280,600
Income from operations		$ 1,262,850
Other expense
Interest expense		$         9,900
Net income		$ 1,252,950