Sylvia's Music Company
Income Statement
Year Ended June 30, 2018
Net sales revenue		$ 1,88,000.00
Less: Cost of goods sold		$ 84,600.00
Gross profit		$ 1,03,400.00
Selling and administrative expenses
Selling expenses	$ 19,000.00
Administrative expenses	$ 14,500.00
Total Selling and administrative expenses		$ 33,500.00
Operating income		$ 69,900.00
Other non operating expenses
Interest expense	$ 1,100.00
Total other non operating expenses		$ 1,100.00
Net income (Loss)		$ 68,800.00

June 30, 2018 Balance Account Title Debit Credit Syivia's Music Company Adjusted Trial Balance June 30, 2018 Balance Account Title Cash Accounts Receivable Merchandise Inventory Office Supplies Furniture Accumulated Depreciation-Furniture Accounts Payable Salaries Payable Unearned Revenue Notes Payable, long-term Common Stock Retained Earnings Debit Credit 4,500 38,100 17,500 750 39,800 9,000 13,100 1,000 6,800 12,000 17,000 14,450 Syivia's Music Company Adjusted Trial Balance June 30, 2018 Balance Account Title Cash Accounts Receivable Merchandise Inventory Office Supplies Furniture Accumulated Depreciation-Furniture Accounts Payable Salaries Payable Unearned Revenue Notes Payable, long-term Common Stock Retained Earnings Debit Credit 4,500 38,100 17,500 750 39,800 9,000 13,100 1,000 6,800 12,000 17,000 14,450