Please prepare the Income Statement.Thank yoouuu Prepare a Multi – Step SCIPrepare the SCI for Merchandizing BusinessAll currency is in Philippine PesosMaitum School SuppliesTrial BalanceMonday, December 31, 2018AccountDebitCreditSales304,650.00Sales Returns and Allowances2,800.00Sales Discounts3,500.00173,800.0076,010.00Merchandise Inventory, BeginningPurchasesFreight-in1,105.001,550.003,000.00Purchase DiscountsPurchase Returns and Allowances60,865.0052,000.00Merchandise Inventory, EndRentCommission Expense14,500.00Salaries43,230.001,770.00300.00UtilitiesGas and OilRepairs and Maintenance4,255.00Interest Income1,305.00Interest Expense5,000.00Taxes and Licenses3,000.00TOTALS:442,135.00310,505.00CS Scanned with CamScanner

Formula: Net income = Total revenues - Total expenses

Answered: prepare the Income Statement

Business

Accounting

prepare the Income Statement

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 48E

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