Refer to the Following Trial Balance Please Prepare a Multi-Step Income Statement

question 111

Essay

Refer to the following trial balance. $$\begin{array} { | l | r | r | } \hline & \text { Debit } & \text { Credit } \\\hline \text { Cash } & \$ 5,000 & \\\hline \text { Accounts receivable } & 14,000 & \\\hline \text { Inventory } & 20,000 & \\\hline \text { Supp lies } & 5,000 & \\\hline \text { Land } & 100,000 & \\\hline \text { Accounts payable } & & \$ 3,000 \\\hline \text { Notes payable } & & 25,000 \\\hline \text { Capital } & & 90,000 \\\hline \text { Drawing } & 1,000 & \\\hline \text { Sales revenues } & & 160,000 \\\hline \text { Sales returns and allowances } & 2,000 & \\\hline \text { Sales discounts } & 3,000 & \\\hline \text { Cost of goods sold } & 80,000 & \\\hline \text { Salary expense } & 5,000 & \\\hline \text { Utility expense } & 23,000 & \\\hline \text { Rent expense } & 18,000 \\\hline \text { Interest expense } & 2,000 \\\hline \text { Totals } & \$ 278,000 & \$ 278,000 \\\hline\end{array}$$ Please prepare a multi-step income statement:

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Definitions:

African-American Colleges

Institutions of higher learning established before the Civil Rights Movement primarily for the education of African-Americans, although their missions have broadened over time.

Plantations

Large estates, especially in the American South, where crops like cotton, tobacco, and sugar were grown, often through the labor of enslaved African Americans before the Civil War.

Southern African-Americans

A demographic group primarily residing in the Southern United States, historically subjected to slavery, segregation, and discrimination.

Social Scale

A hierarchical structure that ranks individuals or groups in terms of their social status, often influenced by factors such as wealth, occupation, and education.