Given statement:
Cash $3300 Cost of goods sold 18,200
Selling expense 2000 Equipment 11,500
Account payable 4200 Accrued liabilities 1,800
common stock 6255 Net sales revenue 28,800
Notes payable , long term 400 Accounts receivable 2,900
Merchandise inventory 700 Interest Expense 55
Administrative Inventory 2600
Solution:
Caitiyn Communications Income statement (multi-step) For the year ended July 31, 2018:
Net sales revenue 28,800
Cost of goods sold 18,200
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Gross profits 10,600
Operating Expense:
Selling expense 2000
Administrative expense 2600
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Total Operating Expense 4,600
Income from operations 6,000
Other Revenue and expenses
Interest Expense 55
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Total Other Revenue and expenses 55
Net Income 5,945
