I he accounting records f A- 1 Publishers list the following at November 30, 2007:

Requirements 

1. Prepare a multi-step income statement to show the computation of A-l Publishers' net sales, gross profit, and net income for the month ended November 30, 2007.

2. M. Nolen, owner of the company, strives to earn gross profit of \($50,000\) and net income of \($25,000\) each month. Did he achieve these goals? Write a sentence to explain. 

Transcribed Image Text:

Selling expenses Furniture Sales returns and allowances Salary payable M. Nolen, capital Sales revenue Accounts payable $ 18,800 Inventory $41,500 37.000 Cash 36,000 3,200 Notes payable 21,600 800 Accumulated depreciation 23,600 27,000 Cost of goods sold 52,000 113,700 Sales discounts 2,100 13,200 General expenses 9,300