The adjusted trial balance columns of Falcetto Company’s worksheet for the year ended December 31, 2014, are as follows.

Instructions 

Prepare a multiple-step income statement for Falcetto Company.

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Debit Cash Accounts Receivable Inventory Prepaid Insurance Equipment Dividends Sales Returns and Allowances Sales Discounts Cost of Goods Sold Freight-Out Advertising Expense Salaries and Wages Expense Utilities Expense Rent Expense Depreciation Expense Insurance Expense Interest Expense 14,500 11,100 29,000 2,500 95,000 12,000 6,700 5,000 363,400 7,600 12,000 56,000 18,000 24,000 9,000 4,500 3,600 673,900 Credit Accumulated Depreciation- Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Interest Revenue 18,000 25,000 10,600 50,000 31,000 536,800 2,500 673,900