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Question - The following is a listing of some of the balance sheet accounts and all of the income statement accounts for Mulberry Street Sportswear as they appear on the 12/31/14 adjusted trial balance.
Accounts Payable $10,000
Accounts Receivable 11,000
Advertising Expense 12,000
Cost of Goods Sold 89,000
Delivery Expense 6,000
Insurance Expense 1,000
Interest Expense 2,000
Merchandise Inventory 20,000
Rent Expense 12,000
Sales 160,000
Sales Discounts 11,000
Sales Returns and Allowances 19,000
Unearned Revenue 2,000
Required: Prepare a multi-step income statement for 2014 for Mulberry Street Sportswear.
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