=+P4-1 Multiple-step income state¬

ment and report form of balance sheet SPREADSHEET Obj 2

/ 1. Net income:

$120,000 GROUP The following selected accounts and their current balances appear in the ledger ofMagic Vinyl Co.

for the fiscal year ended March 31, 2008:

Cash $ 184,500 Sales $1,542,000 Accounts Receivable 145,200 Sales Returns and Allowances 27,720 Merchandise Inventory 210,000 Sales Discounts 26,280 Office Supplies 6,720 Cost of Merchandise Sold 930,000 Prepaid Insurance 4,080 Sales Salaries Expense 207,840 Office Equipment 102,000 Advertising Expense 52,560 Accumulated Depreciation- Depreciation ExpenseOffice Equipment 15,360 Store Equipment 7,680 Store Equipment 183,600 Miscellaneous Selling Expense 1,920 Accumulated Depreciation- Office Salaries Expense 100,980 Store Equipment 41,040 Rent Expense 37,620