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Homework answers / question archive / prepare a Multi-Step Income Statement on your scratch paper based on the following Partial Adjusted Trial Balance
prepare a Multi-Step Income Statement on your scratch paper based on the following Partial Adjusted Trial Balance. Use this multi-step income statement to answer this question and the next three (3) questions, You will need to know the amounts for net sales, gross profit, operating income, and net income after taxes. Adjusted Trial Balance As of 12/31/20xx Accounts Normal Account Balance Cash $25.913 Accounts Receivable 24.500 Allowance for Uncollectible 3,000 Accounts Inventory 35,000 Deferred Revenue 10.000 Common Stock 150.000 Retained Earnings 10,000 Service Revenue 75.000 Sales Discounts 1.117 Cost of Goods Sold 50.166 Rent Expense 5.140 Interest Expense 4.000 Income Tax Expense 3,000 Question: Based on the Multi-step Income Statement you prepared on your scratch paper, what is the amount of "Net" Sales on the Multi-step Income Statement for the period ending 12/31/? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number, We courses will add commas to your answer automatically. For example, if you calculated the answer to be $24.123, you would only Input: 24123 HI
| Service revenue | $ 75,000 |
| Less: Sales discount | ($ 1,117) |
| Net sales | $ 73,883 |
| Less: Cost of goods sold | ($ 50,166) |
| Gross profit (1) | $ 23,717 |
| Less: Operating Expenses: | |
| Rent expense | ($ 5,140) |
| Interest Expense | ($ 4,000) |
| Total operating expense (2) | ($ 9,140) |
| Operating income (1-2) | $ 14,577 |
| Less: income tax expense | ($ 3,000) |
| Net income after tax | $ 11,577 |
Net sales = 73883
Gross profit = 23717
Operating income = 14577
Net income after tax = 11577
