Answer Happy

The account balances for Atlantis Aquatics, Inc., for the yearended August 31, 2018, are presented next in random order: (seedata table)
1. Prepare Atlantis Aquatics, Inc.'s single-step incomestatement.
2. Would you recommend the use of the single-step incomestatement format by a merchandiser?
Specific Keywords: Account payable, Accounts receivable,Accumulated depreciation>building, Accumulateddepreciation>equipment, Building, Cash, Common Stock, Costs ofgoods sold, Dividends, Equipment, Estimated inventory returns,Estimated refund liability, General expenses, Interest expense,Inventory, Long-term notes payable, mortgage payable>long-term,Prepaid rent, Retained earnings, Salaries payable,Salesrevenue, Selling expenses, Supplies, Unearned revenues ----->Specific Keywords for second entry and last entry in req 1:Expenses:, Gross profit, Operating expenses:, Operating income,Other revenue and (expense):, Total expenses
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Data table Cash... Equipment Accounts payable... Common stock. Long-term notes payable. General expenses Salaries payable.. Supplies Building.. Estimated refund liability Prepaid rent Interest expense.. Retained earnings $ 3,200 25,800 3,700 25,000 Cost of goods sold Accumulated depreciation, equipment Unearned revenues 20,000 Sales revenue.. 25,000 Accounts receivable. 1,100 Accumulated depreciation, 3,500 building 125,000 Mortgage payable (long-term) 3,700 Dividends. 2,100 700 11,000 Inventory.. Estimated inventory returns Selling expenses.. $ 125,200 15,600 1,100 265,000 4,900 41,500 41,500 75,000 3,100 33,000 2,700

Requirement 1. Prepare Atlantis Aquatics, Inc.'s single-step income statement. Atlantis Aquatics, Inc. Income Statement For the Year Ended August 31, 2018 Revenues: Sales revenue Net income (loss) 265000