BUSINESS REDUCTION SYSTEMS Adjusted Trial Balance March 31, 2016 Balance Account Title Debit Credit Cash $4,100 Accounts Receivable 13,800 Merchandise Inventory 31,300 Office Supplies 6,100 Equipment 42,200 Accumulated Depreciation-Equipment $13,100 Accounts Payable 9,000 Salaries Payable 500 Notes Payable, long-term 8,000 Boxer, Capital 14,100 Boxer, Withdrawals 40,000 Sales Revenue 234,000 Sales Returns and Allowances 1,500 Sales Discounts 1,900 Cost of Goods Sold 93,600 Selling Expense 27,600 Administrative Expense 14,600 Interest Expense 2,000 Total $278,700 $278,700 E5-24 Preparing a multi-step income statement Learning Objective 5 Gross Profit $137,000 Prepare Business Reduction's multi-step income statement for the year ended March 31, 2016.

E5-24 Preparing a multi-step income statement Learning Objective 5 Gross Profit \$137,000 Prepare Business Reduction's multi-step income statement for the year ended March 31, 2016