Preparing a merchandiser’s income statement Carolina Communications, Corp., reported the following figures in its financial statements:
|
Cash |
$3,800 |
Cost of goods sold |
$ 18,000 |
|
Total operating expenses |
3,500 |
Equipment, net |
10,200 |
|
Accounts payable |
4,100 |
Accrued liabilities |
1,700 |
|
Total stockholders’ equity |
4,200 |
Net sales revenue |
28,000 |
|
Long–term notes payable |
700 |
Accounts receivable |
2,700 |
|
Inventory |
500 |
|
|
Requirement
1. Prepare the business’s multi step income statement for the year ended July 31, 2012.