1. Use the following data to prepare the business single step income statement. Ensure to use heading and proper indentation format. (17 pts.) CALIFORNIA BUSINESS SOLUTIONS Multi-step Income Statement For Year Ended December 31, 2018 $300,000 $ 2.000 4,500 6.500 293,500 180.000 113.500 Sales Less: Sales Discounts Sales Returns and Allowances Net Sales Cost of Goods sold Gross Margin Operating Expenses Selling Expenses Advertising Expense Sales Salaries Expense Total Selling Expenses General and Administrative Expenses Depreciation Expense: Office Equipment Office Supplies Expense Insurance Expense Total General and Administrative Expenses Total Operating Expenses Income from Operations Other Revenue and Expenses Interest Revenue Interest Expense Total other revenue and expenses Net Income 6,250 40,000 46.250 4,700 1.200 6,900 12.800 59,050 54,450 5.650 (8.400) (2.750 51700 M 3 .. 4. 5. 6 12. Below is Gold Guitars, Inc. Trial Balance. Match the correct figure with the correct description Show detail working for each answer. (24 pts.) Credit 500.00 Gold Guitars, Inc. Unadjusted Trial Balance December 31, 2015 Acct No. Account Debit 100 Cash 100.00 110 Accounts Receivable 150 Fixed Assets 3,000.00 175 Deposits 50.00 200 Accounts Payable 210 Credit Cards Payable 250 Long Term Debt 300 Retained Earnings 600 Revenue 700 Depreciation 15.00 OS Salaries Expense 100,00 710 Operating Expenses 35.00 Totals 3,800.00 50.00 250.00 2,500.00 100.00 900.00 3.800.00 Net Income Ending Capital Total Operating Expenses Balance Sheet total Total Liabilities Total Current Assets $3, 650.00 $ 150.00 $ 850.00 $ 750.00 $ 650.00 $2,800.00