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(Solved): Multiple-Step Income Statement On March 31, 2018, The Balances Of The Accounts Appearing In The Ledg ...

Multiple-Step Income Statement On March 31, 2018, the balances of the accounts appearing in the ledger of Royal Furnishings C

Multiple-Step Income Statement On March 31, 2018, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture wholesaler, are Accounts Receivable $170,000 Inventory 1,013,600 Accumulated Depreciation-Building 722,250 Notes Payable 323,450 Administrative Expenses 531,400 Office Supplies 19,300 Building 2,400,950 Retained Earnings 1,284,250 Cash 170,250 Salaries Payable 8,400 Common Stock 288,000 Sales 6,262,250 ) Cost of Goods Sold 3,986,650 Selling Expenses 739,650 Dividends 182,650 Store Supplies 91,450 Interest Expense 10,500 a. Prepare a multiple-step income statement for the year ended March 31, 2018. Royal Furnishings Company Income Statement For the Year Ended March 31, 2018 Sales Cost of merchandise sold Gross profit Expenses: Selling expenses Administrative expenses Total expenses Income from operations Other expense: Interest expense Net income

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Solution Royal Furnishing Company Income statement For the Year Ended March 31, 2018 Sales $ 6,2
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