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Prepare an income statement for Mason's Incorporated for the year ending March 31, 2019. Please explain the steps and why. Exercise 1 MASON'S INCORPORATED (in

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Prepare an income statement for Mason's Incorporated for the year ending March 31, 2019. Please explain the steps and why.

Exercise 1 MASON'S INCORPORATED (in 000s of dollars) Inventory,March31,2019Grossincome(profit)Long-termnotespayableStorefixtures,netSellingexpensesAccountspayableIncometaxexpenseRetainedearnings,April1,2018CashGeneralandadministrativeexpensesAccruedexpensespayableAccountsreceivableDividendsNotespayableInventory,April1,2018CommonstockSalesDepreciationexpenseIncometaxpayableStorefixtures,cost$7588573114434128812540484329632412252684363,398367180

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