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Efficient Business Systems uses a perpetual inventory system. The adjusted trial balance of Efficient Business Systems at March 31, 2024, follows: (Click the icon to view the adjusted trial balance.) Prepare Efficient's multi-step income statement for the year ended March 31, 2024. (Use a minus sign or parentheses to show other expenses.) Net Income (Loss) Efficient Business Systems Income Statement Year Ended March 31, 2024 Data table Account Title Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Office Supplies Efficient Business Systems Adjusted Trial Balance March 31, 2024 Equipment Accumulated Depreciation Equipment Accounts Payable Refunds Payable Salaries Payable Notes Payable, long-term Munro, Capital Munro, Withdrawals Sales Revenue Sales Discounts Forfeited Cost of Goods Sold Selling Expense Administrative Expense Interest Expense Total $ $ Debit Balance 2,500 13,200 30,500 1,900 7,000 42,400 39,000 $ 104,850 27,000 14,600 2,300 285,250 $ Credit - X 14,100 6,200 2,400 1,050 7,800 19,700 233,000 1,000 285,250

Efficient Business Systems uses a perpetual inventory system. The adjusted trial balance of Efficient Business Systems at March 31, 2024, follows: (Click the icon to view the adjusted trial balance.) Prepare Efficient's multi-step income statement for the year ended March 31, 2024. (Use a minus sign or parentheses to show other expenses.) Net Income (Loss) Efficient Business Systems Income Statement Year Ended March 31, 2024 Data table Account Title Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Office Supplies Efficient Business Systems Adjusted Trial Balance March 31, 2024 Equipment Accumulated Depreciation Equipment Accounts Payable Refunds Payable Salaries Payable Notes Payable, long-term Munro, Capital Munro, Withdrawals Sales Revenue Sales Discounts Forfeited Cost of Goods Sold Selling Expense Administrative Expense Interest Expense Total $ $ Debit Balance 2,500 13,200 30,500 1,900 7,000 42,400 39,000 $ 104,850 27,000 14,600 2,300 285,250 $ Credit - X 14,100 6,200 2,400 1,050 7,800 19,700 233,000 1,000 285,250

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 2CPP: Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account...
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Efficient Business Systems uses a perpetual inventory system. The adjusted trial balance of Efficient Business Systems at March 31, 2024, follows: (Click the icon to view the adjusted trial balance.) Prepare Efficient's multi-step income statement for the year ended March 31, 2024. (Use a minus sign or parentheses to show other expenses.) Net Income (Loss) Efficient Business Systems Income Statement Year Ended March 31, 2024 Data table Efficient Business Systems Adjusted Trial Balance March 31, 2024 Account Title Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Refunds Payable Salaries Payable Notes Payable, long-term Munro, Capital Munro, Withdrawals Sales Revenue Sales Discounts Forfeited G Cost of Goods Sold Selling Expense Administrative Expense Interest Expense Total $ $ Debit Balance 2,500 13,200 30,500 1,900 7,000 42,400 39,000 $ 104,850 27,000 14,600 2,300 285,250 $ Credit - X 14,100 6,200 2,400 1,050 7,800 19,700 233,000 1,000 285,250
Transcribed Image Text:Efficient Business Systems uses a perpetual inventory system. The adjusted trial balance of Efficient Business Systems at March 31, 2024, follows: (Click the icon to view the adjusted trial balance.) Prepare Efficient's multi-step income statement for the year ended March 31, 2024. (Use a minus sign or parentheses to show other expenses.) Net Income (Loss) Efficient Business Systems Income Statement Year Ended March 31, 2024 Data table Efficient Business Systems Adjusted Trial Balance March 31, 2024 Account Title Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Refunds Payable Salaries Payable Notes Payable, long-term Munro, Capital Munro, Withdrawals Sales Revenue Sales Discounts Forfeited G Cost of Goods Sold Selling Expense Administrative Expense Interest Expense Total $ $ Debit Balance 2,500 13,200 30,500 1,900 7,000 42,400 39,000 $ 104,850 27,000 14,600 2,300 285,250 $ Credit - X 14,100 6,200 2,400 1,050 7,800 19,700 233,000 1,000 285,250
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