Question

Glent Company prepared the following adjusted trial balance at its year-end of March 31, 2018. The company is owned by Bruce Glent.

Glent Company Adjusted Trial Balance March 31, 2018
Account Titles	DR	CR
Cash	$14,900
Accounts Receivable	$5,600
Merchandise Inventory	$6,100
Prepaid Expenses	$1,900
Store Equipment	$39,800
Accumulated Depreciation - Equipment		$2,700
Accounts Payable		$6,100
Unearned Revenue		$5,100
Notes Payable		$9,000
Glent, Capital		$42,520
Glent, Drawings	$1,900
Sales Revenue		$50,380
Gain on Sale of Equipment		$4,500
Cost of Goods Sold	$15,600
Depreciation Expense - Equipment	$2,700
Interest Expense	$900
Advertising Expense	$1,800
Rent Expense - Retail Space	$10,600
Rent Expense - Office Space	$5,700
Sales Salaries Expense	$8,200
Office Salaries Expense	$4,600
Total	$120,300	$120,300

Notes: Assume the balance of owner's equity is the opening balance. The note payable is payable over 9 years in equal annual installments.

Required

a) Prepare a multi-step income statement.

Do not enter dollar signs or commas in the input boxes.
Enter the accounts into the appropriate statements in the order they are presented on the trial balance.
Do not use negative signs.

Glent Company Income Statement For the Year Ended March 31, 2018
Sales Revenue			$Answer
Cost of Goods Sold			$Answer
Gross Profit			$Answer
Operating Expenses
Selling Expenses
AnswerAccounts PayableAccounts ReceivableAccumulated Depreciation - EquipmentAdvertising ExpenseCashCost of Goods SoldDepreciation Expense - EquipmentGain on Sale of EquipmentGlent, CapitalGlent, DrawingsInterest ExpenseMerchandise InventoryNotes Payable, Current PortionNotes Payable, Long-Term PortionOffice Salaries ExpensePrepaid ExpensesRent Expense - Retail SpaceRent Expense - Office SpaceSales RevenueSales Salaries ExpenseStore EquipmentUnearned Revenue	$Answer
AnswerAccounts PayableAccounts ReceivableAccumulated Depreciation - EquipmentAdvertising ExpenseCashCost of Goods SoldDepreciation Expense - EquipmentGain on Sale of EquipmentGlent, CapitalGlent, DrawingsInterest ExpenseMerchandise InventoryNotes Payable, Current PortionNotes Payable, Long-Term PortionOffice Salaries ExpensePrepaid ExpensesRent Expense - Retail SpaceRent Expense - Office SpaceSales RevenueSales Salaries ExpenseStore EquipmentUnearned Revenue	$Answer
AnswerAccounts PayableAccounts ReceivableAccumulated Depreciation - EquipmentAdvertising ExpenseCashCost of Goods SoldDepreciation Expense - EquipmentGain on Sale of EquipmentGlent, CapitalGlent, DrawingsInterest ExpenseMerchandise InventoryNotes Payable, Current PortionNotes Payable, Long-Term PortionOffice Salaries ExpensePrepaid ExpensesRent Expense - Retail SpaceRent Expense - Office SpaceSales RevenueSales Salaries ExpenseStore EquipmentUnearned Revenue	$Answer
AnswerAccounts PayableAccounts ReceivableAccumulated Depreciation - EquipmentAdvertising ExpenseCashCost of Goods SoldDepreciation Expense - EquipmentGain on Sale of EquipmentGlent, CapitalGlent, DrawingsInterest ExpenseMerchandise InventoryNotes Payable, Current PortionNotes Payable, Long-Term PortionOffice Salaries ExpensePrepaid ExpensesRent Expense - Retail SpaceRent Expense - Office SpaceSales RevenueSales Salaries ExpenseStore EquipmentUnearned Revenue	$Answer
Total Selling Expenses		$Answer
Administrative Expenses
AnswerAccounts PayableAccounts ReceivableAccumulated Depreciation - EquipmentAdvertising ExpenseCashCost of Goods SoldDepreciation Expense - EquipmentGain on Sale of EquipmentGlent, CapitalGlent, DrawingsInterest ExpenseMerchandise InventoryNotes Payable, Current PortionNotes Payable, Long-Term PortionOffice Salaries ExpensePrepaid ExpensesRent Expense - Retail SpaceRent Expense - Office SpaceSales RevenueSales Salaries ExpenseStore EquipmentUnearned Revenue	$Answer
AnswerAccounts PayableAccounts ReceivableAccumulated Depreciation - EquipmentAdvertising ExpenseCashCost of Goods SoldDepreciation Expense - EquipmentGain on Sale of EquipmentGlent, CapitalGlent, DrawingsInterest ExpenseMerchandise InventoryNotes Payable, Current PortionNotes Payable, Long-Term PortionOffice Salaries ExpensePrepaid ExpensesRent Expense - Retail SpaceRent Expense - Office SpaceSales RevenueSales Salaries ExpenseStore EquipmentUnearned Revenue	$Answer
Total Administrative Expenses		$Answer
Total Operating Expenses			$Answer
Income from Operations			$Answer
Other Income and Expenses
AnswerAccounts PayableAccounts ReceivableAccumulated Depreciation - EquipmentAdvertising ExpenseCashCost of Goods SoldDepreciation Expense - EquipmentGain on Sale of EquipmentGlent, CapitalGlent, DrawingsInterest ExpenseMerchandise InventoryNotes Payable, Current PortionNotes Payable, Long-Term PortionOffice Salaries ExpensePrepaid ExpensesRent Expense - Retail SpaceRent Expense - Office SpaceSales RevenueSales Salaries ExpenseStore EquipmentUnearned Revenue		$Answer
AnswerAccounts PayableAccounts ReceivableAccumulated Depreciation - EquipmentAdvertising ExpenseCashCost of Goods SoldDepreciation Expense - EquipmentGain on Sale of EquipmentGlent, CapitalGlent, DrawingsInterest ExpenseMerchandise InventoryNotes Payable, Current PortionNotes Payable, Long-Term PortionOffice Salaries ExpensePrepaid ExpensesRent Expense - Retail SpaceRent Expense - Office SpaceSales RevenueSales Salaries ExpenseStore EquipmentUnearned Revenue		$Answer	$Answer
Net Income			$Answer

Answer 1

Multi Step Income Statement for the Year ended 31st March 2018 :- Particulars Amount $ Amount $ Sales Revenue 50,380 Less: Cost of goods sold 15,600 Gross Profit 34,780 Less: Operating Expenses Selling expenses:- Sales Salaries Expense 8,200 Rent Expense Retail Space 10,300 Advertising Expense 1,800 Total Selling expenses 20,300 Administrative Expenses Rent Expense Office Space 5,700 Depreciation Expense Equipment 2,700 Office Salaries Expense 4,600 Total Administrative Expenses 13,000 Total Operating Expenses 33,300 Income from Operations 1,480 Non-Operationg Income/Expenses Interest Expense (900) Gain on Sale of Equipment 4,500 Non Operating Income 3,600 Net Income 5,080