Budget Office Systems uses a perpetual inventory system. The adjusted trial balance of Budget Office Systems at March 31, 2024, follows:

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Budget Office Systems
Adjusted Trial Balance
March 31, 2024
	Balance
Account Title	Debit	Credit
Cash	$3,200
Accounts Receivable	13,300
Merchandise Inventory	30,800
Estimated Returns Inventory	1,300
Office Supplies	6,700
Equipment	42,900
Accumulated DepreciationEquipment		$13,600
Accounts Payable		6,800
Refunds Payable		1,900
Salaries Payable		700
Notes Payable, long-term		8,500
Common Stock		16,000
Retained Earnings		10,750
Dividends	45,000
Sales Revenue		233,000
Sales Discounts Forfeited		1,000
Cost of Goods Sold	104,850
Selling Expense	27,100
Administrative Expense	14,300
Interest Expense	2,800
Total	$292,250	$292,250

Prepare Budget's multi-step income statement for the year ended March 31, 2024. (Use a minus sign or parentheses to show other expenses.)

Budget Office Systems

Income Statement

Year Ended March 31, 2024

Net Income (Loss)