Following is a random list of accounts with normal balances for the Sisco Merchandising as of December 31, 2019. All adjusting entries have been made. Closing entries have not been made. C. Sisco, Capital Land Sales discounts Supplies expense Interest revenue Mortgage payable Cash Accounts receivable Unearned service revenue Salary expense Accounts payable Accumulated amort -building Equipment Prepaid insurance Interest expense C. Sisco, Withdrawals Sales revenue Interest receivable Inventory Accumulated amort -equipment Insurance expense Salary payable Supp lies Cost of goods sold Sales returns & allowances Amortization expense-building Amortization expense-equipment Interest payable Utilities expense Delivery expense Building $159,00080,00018,0009,00014,00080,00022,00034,00011,00023,00036,00017,00046,0008,0006,00015,000285,0005,00028,00012,00021,0006,0004,000156,00013,0008,0008,00014,0008,0007,000115,000 Prepare a single-step income statement for Sisco Merchandising for the year ended December 31, 2019.
Definitions:
Aggregate Demand
The total demand for all goods and services in an economy at different price levels, including consumption, investment, government spending, and net exports.
Price Level
This refers to the average of current prices across the entire spectrum of goods and services produced in the economy.
Spending Multiplier
The ratio of a change in output (economic activity) to a change in spending, indicating the ripple effect of an initial expenditure through the economy.
Aggregate Demand Curve
A graphical representation of the total demand for goods and services in an economy at various price levels, holding all else constant.