The accounting records of Steubs Environmental Solutions at June 30, 2008, list the following:

Requirements 

1. Prepare a multi-step income statement to show the computation of Steubs Environmental Solutions' net sales, gross profit, and net income for the year ended June 30, 2008.

2. Marty Steubs, owner of the business, strives to earn gross profit of $90,000 and net income of S50,000. Did he achieve these goals? Write a sentence or two to explain.

Transcribed Image Text:

Cash Note payable $ 22,300 Inventory $28,500 4,300 Equipment 51,600 Sales revenue 206,000 Cost of goods sold 95,000 Salary payable 1,800 Accumulated depreciation 6,900 Marty Steubs, capital 5,600 Sales discounts 3,400 Sales returns and allowances 11,500 General expenses 16,300 Selling expenses 19,800 Accounts payable 23,800