Prepare Carolina Communications multi-step income statement for the year ended July 31, 2015. Carolina Communications reported the

Prepare Carolina Communications’ multi-step income statement for the year ended July 31, 2015. Carolina Communications reported the following figures from its adjusted trial balance for its first year ofbusiness:

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Cost of Goods Sold Cash Selling Expenses Accounts Payable Common Stock Notes Payable, long-term Merchandise Inventory Administrative Expenses Sales Returns and Allowances $ 3,800 18,000 0,200 1,700 40,000 2,700 30 4,800 1,000 Equipment, net 4,100 Accrued Liabilities 4,230 700 500 2,500 7,200 Sales Revenue Accounts Receivable Interest Expense Sales Discounts