question archive Prepare Multi-step Income Statement by using only relevant accounts provided below
Prepare Multi-step Income Statement by using only relevant accounts provided below
Subject:BusinessPrice: Bought3
Prepare Multi-step Income Statement by using only relevant accounts provided below. Write the answer of Net Income in the provided space.
Cash in hand 34,400
Inventory brought to sale 32,000
Product returns approximate value 4,000
Manufacturing machine - 75,900
Accumulated depreciation - Manufacturing machine 22,000
Cement machinery 60,000
Accumulated depreciation on cement machinery 15,000
Notes payable 35,000
refund on the sales payable 7,000
Account payable 10,000
Common stock 1,000
Retained earnings 109,700
Profit to shareholders 48,000
Sales 400,000
Sales discounts 2000
Sales returns and allowances 13000
Cost of goods sold 186000
Selling expenses 32,500
General and administrative expenses 19,800
Expense of Interest 100
Required:
What is the Net Income___________________?
