Prepare Budget's single-step income statement for the year ended March 31, 2015.
The adjusted trial balance of Budget Business Systems at March 31, 2015, follows:

Transcribed Image Text:

BUDGET BUSINESS SYSTEMS Adjusted Trial Balance March 31, 2015 Balance Debit Credit Account Title Cash Accounts Recevable Merchandise Inventory Office Supplies $ 2.400 11.400 31,700 6,400 42.500 $ 13,90o 9.200 1,000 7.900 34,000 Accumulated Depreciation Equipment Accounts Payable Salaries Payable Notes Payable, long-term Bitzes, Capital Bitzes, Withdrawals Sales Revenue Sales Returns and Allovwances Sales Discounts Cost of Goods Sold Selling Expense Administrative Expense Interest Expense Total 43,000 234,500 1,000 1,500 116,300 27,200 14,800 2,300 S 300,500 S 300.500