Efficient Business Systems uses a perpetual inventory system

Efficient Business Systems uses a perpetual inventory system. The adjusted trial balance of Efficient Business Systems at March 31, 2018, follows: (Click the icon to view the adjusted trial balance.) Prepare Efficient\'s multi-step income statement for the year ended March 31, 2018. (Use a minus sign or parentheses to show other expenses. Enter the account names exactly as shown in the information provided, except for revenue. Show all revenue accounts as Net Sales Revenue. Check your spelling carefully and do not abbreviate.)

Solution

Net Income

Solution:
	Efficient Business Systems
	Income Statement
	Year Ended March 31, 2018
	Net Sales Revenue		239,000	a
	Less: Cost of Goods Sold		107,550	b
	Gross Profit		131,450	c=a-b
	Operating Expenses:
	Selling Expenses	27,000		d
	Administrative Expenses	14,400		e
	Total Operating Expenses		41,400	f=d+e
	Operating Income		90,050	g=c-f
	Other Revenues and (Expenses):
	Interest Expense	-2,400		h
	Total Other Revenues and (Expenses)		-2,400	i=h
	Net Income		87,650	j=g-i
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