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On October 31, 2016, the balances of the accounts appearing inthe ledger of Prestige Furnishings Com

On October 31, 2016, the balances of the accounts appearing inthe ledger of Prestige Furnishings Com

On October 31, 2016, the balances of the accounts appearing inthe ledger of Prestige Furnishings Company, a furniture wholesaler,are as follows:

Accumulated Depreciation-Building    $746,350

Administrative Expenses    515,750

Building    2,419,500

Cash   168,150

Common Stock   300,500

Cost of Merchandise Sold   3,925,500

Dividends   179,100

Interest Expense    9,950

Merchandise Inventory   1,020,900

Notes Payable    259,350

Office Supplies   19,150

Retained Earnings   1,343,400

Salaries Payable   7,600

Sales   6,144,850

Selling Expenses   732,500

Store Supplies   92,700

Required:

A.   Prepare a multiple-step income statement for theyear ended October 31, 2016. Be sure to complete the statementheading. Refer to the information given in the exercise and to thelist of Labels and Amount Descriptions provided for the exactwording of the answer choices for text entries. A colon (:) willautomatically appear if it is required. In the Other income andexpenses section only, enter amounts that represent other expensesas negative numbers using a minus sign.

Labels 

For the Year Ended October 31, 2016 

October 31, 2016 

Operating expenses 

Other income and expense 

Amount Descriptions 

Gross profit 

Income from operations 

Net income 

Net loss 

Total assets 

Total liabilities 

Total operating expenses 

Total stockholders’ equity

manish jayant 22-Apr-2020

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