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Prepare a multiple-step statement of income for the year

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Question - The following information was taken from the adjusted trial balance of Lucifer Lighting Inc. at December 31, 2022. All accounts have normal balances.

Accounts payable $52,000

Accounts receivable 18,700

Accumulated depreciation-Building 44,900

Advertising expense 38,500

Building 600,000

Cash 85,000

Common shares 417,500

Cost of goods sold 410,500

Depreciation expense 12,000

Freight out 22,000

Interest expense 5,700

Interest income 2,000

Rental revenue 6,000

Retained earnings, Jan 1 154,800

Salaries expense 279,500

Salaries payable 5,200

Sales 761,300

Utilities expense 9,200

Required - Use the above information to prepare a multiple-step statement of income for the year ended December 31, 2022.

Reference no: EM133125852

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