prepare a multiple step income statement for falcetto company 581593

The adjusted trial balance columns of Falcetto Company’s worksheet for the year ended December 31, 2011, are as follows.

Debit

Cash

14,500

Accounts Receivable

11,100

Merchandise Inventory

29,000

Prepaid Insurance

2,500

Store Equipment

95,000

Dividends

12,000

Sales Returns and Allowances

6,700

Sales Discounts

5,000

Cost of Goods Sold

363,400

Freight out

7,600

Advertising Expense

12,000

Salaries Expense

56,000

Utilities Expense

18,000

Rent Expense

24,000

Depreciation Expense

9,000

Insurance Expense

4,500

Interest Expense

3,600

673,900

Credit

Accumulated Depreciation

18,000

Notes Payable

25,000

Accounts Payable

10,600

Common Stock

50,000

Retained Earnings

31,000

Sales

536,800

Interest Revenue

2,500

673,900

Instructions

Prepare a multiple step income statement for Falcetto Company.