ACC 111 Project 10 Nicholas Company had the following Adjusted Trial Balance for the month ended May 31, 2016. Credit Nicholas Company Adjusted Trial Balance May 31, 2016 Account Names Debit Cash $336,651 Petty Cash Fund 4,900 Accounts Receivable 29,600 Merchandise Inventory, 5/1/16 54,900 Store Supplies 10,800 Office Supplies 4,000 Prepaid Insurance 2,933 Land 35,000 Forklift 31,300 Accumulated Depreciation, Forklift Delivery Truck 158,000 Accumulated Depreciation, Delivery Truck Accounts Payable Salaries Payable Unearned Sales Revenue Notes Payable (Long-Term) Nicholas Ram, Capital Nicholas Ram, Drawings 4,300 Sales Revenue $900 1,400 89,700 2,200 11,300 120,700 396,150 268,200 Sales Discounts 609 4,600 162,800 Sales Returns and Allowances Purchases Purchases Discounts Purchases Returns and Allowances Freight-in Salaries Expense 3,600 7,800 1,940 32,800 7,500 860 370 16,000 650 Utilities Expense Repair Supplies Expense Postage Expense Rent Expense Depreciation Expense, Delivery Truck Depreciation Expense, Forklift Office Supplies Expense Insurance Expense Cash Short & Over Interest Expense Interest Revenue 900 1,300 267 170 3,300 4,500 $906,450 Totals $906,450 Ending Merchandise Inventory = $62,000. Prepare the Multi-Step Income Statement. (Do not use dollar signs ($) when entering amounts. To see comma-formatte answers with commas.) Nicholas Company Income Statement For the Month Ended May 31, 2016 $ $ $ $ $ $ : $ $ > > > > A " , $ $ $ $ $ $ $ Debit Credit Date Account Titles and Explanation 2016 May 31 (To close beginning inventory and other income statement accounts with debit balances) 31