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

question 43

Essay

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

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Definitions:

Sacred

Related to religious or spiritual significance; objects, places, or concepts regarded with great respect or reverence.

Contamination

The presence of unwelcome substances or pollutants in something that makes it impure or unsafe, often associated with environments, food, and water.

Elvis Presley

Elvis Presley was an iconic American singer, musician, and actor, often referred to as the "King of Rock and Roll" for his influential role in the development of rock music.

Profane Consumption

The purchasing and use of products in routine, everyday life outside the realms of sacred or extraordinary contexts.