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Determining Amounts To B viln/takeAssignment/takeAssignmentMaindo?invokers assignments&takeassignmentsession.oca; tor-assignment-takešinprogress-taisel eBook Show Me How Print Item Multiple-Step Income Statement On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Accumulated Deprediation-Building $786,300 Administrative Expenses Building Cash Cost of Merchandise Sold Interest Expense Kathy Melman, Capital Kathy Melman, Drawing a. Prepare a multiple-step income statement for the year ended March 31, 2019. 522,300 2,613,950 182,350 3,972,250 9,750 1,615,700o 170,850 Merchandise Inventory Notes Payable Office Supplies Salaries Payable Sales Selling Expenses Store Supplies $1,020,450 245,400 20,550 8,100 6,289,950 696,400 86,800 Racine Furnishings Company Income Statement For the Year Ended March 31, 2019 Gross profit Previous Chedk My werk 2 more Check ly work uses remaining 2 more Check My Work uses remaining

Solution

Income Statement Particulars Amount Amount Sales $6,289,950 Cost of goods sold $3,972,250 Gross profit $2,317,700 Expenses: Administrative expenses $522,300 Selling expenses $696,400 Total expenses $1,218,700 Income from operations $1,099,000 Other expense Interest expense $9,750 Net income $1,089,250 b. multiple step income statement reports operating revenues and expenses seperately from non operating expenses and revenues and other gain and losses. By this it gives enhanced user information which users can you use to calculate mutliple ratios.