Quality Office Systems Adjusted Trial Balance March 31, 2016 Balance Account Title Debit Credit Cash 4,300 Accounts Receivable 13,900 Merchandise Inventory 31,200 Office Supplies 6,500 Equipment 42,800 Accumulated Depreciation-Equipment 13,200 Accounts Payable 8,900 Salaries Payable Notes Payable, long-term 8,100 Borst, Capital 26,550 Borst, Withdrawals 42,000 Sales Revenue 235,000 Sales Returns and Allowances 700 Sales Discounts 1,500 Cost of Goods Sold 105,750 Selling Expense 27,100 Administrative Expense 14,000 Interest Expense 2,900 292,650 $ 292,650 Total 900 E5-23 (similar to) Question Help Quality Office Systems uses a perpetual inventory system. The adjusted trial balance of Quality Office Systems at March 31, 2016, follows: (Click the icon to view the adjusted trial balance.) Prepare Quality Office's single-step income statement for the year ended March 31, 2016. Quality Office Systems Income Statement Year Ended March 31, 2016 Sales Revenue 235000 Selling Expense Administrative Expense 27100 14000 Interest Expense (2900) Total Expenses (2900) Net Income (Loss)