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Based on the Trial Balance for Quality Office Systems, prepare the following financial statements: 1. Income Statement (multistep format) for the period ending March 31,
Based on the Trial Balance for Quality Office Systems, prepare the following financial statements: 1. Income Statement (multistep format) for the period ending March 31, 2018. 2. Statement of Retained Earnings for the period ending March 31, 2018. 3. Classified Balance Sheet as of March 31, 2018. Quality Office Systems Trial Balance 31-Mar-18 Credits Debits 3,700 13,300 31,500 6,300 42,900 $ Account Title Cash Accounts Receivable Merchandise Inventory Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable Notes Payable, long term Common Stock Retained Earnings, beginning Dividends Sales Revenue Cost of Goods Sold Selling Expenses Administrative Expenses Interest Expense 13,900 9,200 800 8,600 18,000 4,950 41,500 235,700 107,550 27,400 14,200 2,800 291,150 $ $ 291,150
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