From the adjusted trial balance for brookston earth supplies, inc, given below, prepare a multiple step income statement in good form (check: gross profit $107,500 , net income $54,600)
cash (Debit) 9400
acc receivable.(debt) 25000
merchandise inv. (Debit) 36000
office supplies (Debit) 900
store equipment. (Debit) 75000
accumulated depriciation-office equipment (credit) 22,000
acc payable (credit) 42,000
notes payable(credit) 10000
common stock (credit) 1000
retained earnings (credit) 109700
dividends (debit) 48000
sales (credit) 325,000
sales discount (debit) 6000
sales returns and allowances (debt) 16500
cost of goods sold (debit) 195000
selling expenses 32500
general and administrative expenses (debit) 19800
interest expense (debit) 600
total debits 524,700
total credits 524,700
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