1) Burger King reported the following balances for 2022:

Accounts payable $3,550

Accounts receivable 4,550

Accumulated depreciation 6,260

Retained earnings, December 31, 2014 6,480

Cash 2,350

Cost of goods sold 52,300

Depreciation expense 2,500

Dividends declared 8,800

Equipment 29,100

Income tax expense 10,700

Interest expense 1,150

Inventory 6,250

Long-term notes payable 11,500

Paid-in capital 4,450

Prepaid rent 350

Rent expense 4,000

Sales 120,000

Wage expense 41,900

Wages payable 3,000

Required:

Prepare a multiple-step income statement for 2022.