Question

Accounting 1-Fall 2020 Homework: Week 4 Homework - Chapter Score: 0 of 2 pts 11 of 13 (10 com EF5-28 (similar to) Quality Business Systems uses a perpetual inventory system. The adjusted trial balance of Quality Busi (Click the icon to view the adjusted trial balance.) Prepare Quality's multi-step income statement for the year ended March 31, 2024. (Use a minus sign or Quality Business Systems Income Statement Year Ended March 31, 2024 Revenues Sales Revenue Choose from any list or enter any number in the input fields and then click Check Answer All parts showing Clear All • Previous

Answer 1

Income Statement Multi-step income statement Revenue Cost of good sold less: 230,000 103,500 Gross Profit 126,500 Less: 6,800 600 Operating Expenses Offices Supplies Salaries Pyables sales Expenses Administrative expenses Interest expenses 26,900 14,800 2,500 51,600 = Operating profit 74,900 Less: Tax II Net income 74,900