A & R Problem 5-1-perpetual The following income statement was prepared by an office clerk hired for July. As the accounting supervisor, you recognize that it is incorrect and prepare a corrected multi-step income statement. Demo Sales Income Statement For Month Ended July 31, 2020 $562.140 37,000 18,000 $617.140 Sales Accounts receivable Unesred sales Net sales Operating expenses Accumulated depreciation, equipment Advertising expense.... Coat of goods sold Depreciation expense, equipment insurance expense Interest expense Interest payable Jen Conway, withdrawals Office supplies Prepaid insurance Prepaid rent Ront expense. Salarles payable Sales discounts LOSS... $ 30,000 14,000 394,000 3,000 2,500 1.700 250 14,000 9,000 14.000 25,000 5,000 175.000 2.800 690,250 $ 73.110