287,300 3,500 202,800 35,000 12,200 Open with A. Selected closing entries: Dec. 31 Income summary Sales discounts Cost of goods sold Sales salaries expense Advertising expense Rent expense, office space Delivery expense Office salaries expense Amortization expense, office equipment Miscellaneous expense To close expenses and contra-revenues to Income Summary 10,000 3,200 18,900 1,000 700 30,000 31 Greg Allen, Capital Greg Allen, Drawings To close Drawings to Capital 30,000 B. Greg Allen follows the practice of withdrawing half of the annual net income from the business. C. There were no sales returns and allowances for the year. However, sales discounts amounted to $3,500 Problem #3 Required: For the year ended December 31, 2016: 1. Calculate the value of net income. 2. Calculate the value of sales. 3. Prepare a multi-step income statement