Question: This is a multi step income statement and the net income is suppose to be 500,000 yet I can get it to equal? Can you
This is a multi step income statement and the net income is suppose to be 500,000 yet I can get it to equal? Can you correct it or find my mistakes? Thanks!!!!!
| Multi Step Income Statement | Quality Interiors | October 31, 20Y5 | |
| Sales Revenue | |||
| Sales | 5,000,000 | ||
| Less: Sales discount | 400,000 | ||
| Sales returns and allowances | 100,000 | ||
| Net sales revenue | 4,500,000 | ||
| Cost of Merchandise Sold | 2,500,000 | ||
| Merchandise Inventory | 400,000 | 1,600,000 | |
| Accumulated Depreciation | |||
| Notes Payable | 900,000 | ||
| Administration Expenses | 600,000 | ||
| Building | 2,000,000 | ||
| Office Supplies | 5,000 | ||
| Salaries Payable | 12,000 | ||
| Store Supplies | 15,000 | 2,632,000 | |
| Operating Expenses | |||
| Selling Expenses | 850,000 | ||
| Dividends | 20,000 | ||
| Other Expenses and Losses | |||
| Interest Expense | 50,000 | ||
| Assets | |||
| Cash | 175,000 | ||
| Stockholder's Equity | |||
| Capital Stock | 300,000 | ||
| Retained Earnings | 903,000 | 1,230,000 | |
| Net Income | 500,000 | ||
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