Q24E
Question
The adjusted trial balance of Quality Office Systems at March 31, 2018, follows:
Step-by-Step Solution
Verified Answer
The net income of the Quality Office is $83,750.
1Step 1: Meaning of Single-Step Income Statement
A single-step income statement refers to a simplified presentation of reporting revenues and expenses of a business concern. A single-step income statement computes the net income by reporting all operating and non-operating events together.
2Step 2: Preparation of single-step income statement
QUALITY OFFICE SYSTEMS | |
Single-step Income Statement | |
For the year ended March 31, 2018 | |
Particulars | Amounts ($) |
Sales revenue | 235,700 |
Less: Cost of goods sold | (107,550) |
Gross profit | 128,150 |
Less: Expenses |
|
Selling expense | (27,400) |
Administrative expense | (14,200) |
Interest expense | (2,800) |
Net income | $83,750 |
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