Reference no: EM133031758
Question - The following selected accounts from Highview Electronics Corporation's general ledger are presented below for the year ended December 31, 2021:
Accounts receivable $249,100
Accumulated depreciation-equipment 718,630
Advertising expense 51,700
Common shares 235,000
Cost of goods sold 1,101,680
Depreciation expense 117,500
Dividends declared 141,000
Equipment 1,363,000
Freight out 23,500
Income tax expense 65,800
Insurance expense 21,620
Interest expense 58,280
Interest income 28,200
Inventory 91,180
Prepaid expenses 29,140
Rent income 22,560
Retained earnings 502,900
Salaries expense 662,700
Sales 2,434,130
Required - Prepare a multiple-step statement of income.