The accounting records for ADR, Inc., reflected the following amounts at the end

Question

The accounting records for ADR, Inc., reflected the following amounts at the end of March 2016 (Click the icon to view the accounts.) Prepare ADR's multi-step income statement for the fiscal year ended March 31, 2016. (Use a minus sign or parentheses for a loss.) ADR, Inc. Income Statement Year ended March 31, 2016 Data Table Accounts payable 2,200 Total stockholders' equity... . .6,900 Net sales revenue . . . . . . . 30,000 3,800 1,400 400 Long-term notes payable . 22,000 Accounts receivable . Operating income (loss) 3,300 Prepaid rent Salaries payable 800 Interest expense Net income (loss) Print Done

Explanation / Answer

ADR, Inc. Income Statement Year ended March 31, 2015 Net Sales revenue $       30,000 Cost of goods sold $       19,000 Gross Profit $       11,000 Total Operating Expense $         4,100 Operating Income (Loss) $         6,900 Interest Expenses $             400 Net Income $         6,500 Date contains items if income statement and Balance sheet.So, we have to separate those items of income statement from given table.

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