Quality Business Systems uses a perpetual inventory system. The adjusted trial b

Question

Quality Business Systems uses a perpetual inventory system. The adjusted trial balance of Quality Business Systems at March 31, 2018, follows: ?(Click the icon to view the adjusted trial balance.) Prepare Quality's multi-step income statement for the year ended March 31, 2018. (Use a minus sign or parentheses to show other expenses.) Quality Business Systems Income Statement Year Ended March 31, 2018 Gross Profit Net Sales Revenue Operating Expenses: Operating Income Other Income and (Expenses): Revenues Total Operating Expenses Total Other Income and (Expenses) Net Income (Loss)

Explanation / Answer

INCOME STATEMENT IN MULTIPLE STEP FORM Particulars Amount Amount Sales Revenue XXX Less : Cost of Goods Sold XXX Net Sales Revenue XXX Less : Operating Expenses Administrative Expenses XXX Selling Expenses XXX Total Operating Expesnes XXX Operating Income XXX Other Income (Expenses) Intrerest Expenses (XXX) Total other income and (Expense) (XXX) Net Income (Loss) XXX

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