Need help, on my last few assignments for the semester. I\'m behind in work. Any
ID: 2597493 • Letter: N
Question
Need help, on my last few assignments for the semester. I'm behind in work.
Any help will be greatly appreciated. On March 31, 2018, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture wholesaler, are as follows: Accounts Receivable $169,900 Accumulated Depreciation-Building 746,350 Administrative Expenses 515,750 Building 2,419,500 Cash 184,750 Common Stock 300,500 Cost of Goods Sold 3,925,500 Dividends 185,950 Interest Expense 9,950 Inventory 1,020,900 Notes Payable 259,350 Office Supplies 19,150 Retained Earnings 1,343,400 Salaries Payable 7,600 Sales 6,144,850 Selling Expenses 732,500 Store Supplies 92,700 A. Prepare a multiple-step income statement for the year ended March 31, 2018. Be sure to complete the statement heading. Refer to the information given in the exercise and to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required. In the Other income and expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign. B. What is a major advantage of the multiple-step income statement over the single-step income statement? Labels For the Year Ended March 31, 2018 March 31, 2018 Operating expenses Other revenue and expense Amount Descriptions Gross profit Income from operations Net income Net loss Total assets Total liabilities Total operating expenses Total stockholders’ equity A. Prepare a multiple-step income statement for the year ended March 31, 2018. Be sure to complete the statement heading. Refer to the information given in the exercise and to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required. In the Other income and expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign.
Score: 6/97
Royal Furnishings Company
Income Statement
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Royal Furnishings Company
Income Statement
Explanation / Answer
A. ROYAL FURNISHING COMPANY
INCOME STATEMENT FOR THE YEAR ENDED 31ST MARCH 2018
Total Assets Amount
Less : Accumulated depreciation (7,46,350)
Net block 1673150
2. Accounts Receivables 169900
3. Cash 184750
4. Inventory 1020900
Total Assets 3048700
Total Liabilitites
Total 266850
Total stock holder's equity
Add : Net income for the year 2018 1551000 2894400
Total stock holder's equity 3194900
B.What is a major advantage of the multiple-step income statement over the single-step income statement?
PARTICULARS AMOUNT IN "$" Sales 61,44,850 Less :cost of goods sold 39,25,500 Gross Profit (A) 22,19,350 Operating Expenses Selling Expenses 7,32,500 7,32,500 Administrative expenses Office supplies 19,150 Store Supplies 92,700 1,11,850 Total Operating Expenses (B) 8,44,350 Income from Operations (A-B) 13,75,000 Non operating income and expenses income from dividend 185950 Less:Interest expenses -9950 Net Income/(loss) 15,51,000Related Questions
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