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Discount Office Systems uses a perpetual inventory system. The adjusted trial balance of Discount Office Systems at March 31,Account Title Cash Accounts Receivable Merchandise Inventory Office Supplies Equipment Accumulated Depreciation Equipment Acc10,000 10,850 43,000 241,000 Common Stock Retained Earnings Dividends Sales Revenue Cost of Goods Sold Selling Expense Admini

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Answer #1

--Requirement asked

Income Statement
Revenue:
Net Sales Revenue $241,000
Expenses:
Cost of Goods Sold $108,450
Selling Expense $26,700
Administartive expense $14,500
Interest Expense $2,200
Total Expenses $151,850
Net Income (loss) [$ 241000 - 151850] $89,150
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