prepare the business rsquo s multi step income statement for the year ended july 31 559663

Preparing a merchandiser’s income statement

Carolina Communications 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 owner’s 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.

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