Bramble Company recently hired a new accountant whose first task was to prepare the financial statements for the year ended December 31, 2021. The following is what he produced: $ 395,000 $5,400 3,400 8.800 386,200 232.500 BRAMBLE COMPANY Income Statement December 31, 2021 Sales Less: Unearned revenue Purchase discounts Total revenue Cost of goods sold Purchases Less: Purchase returns and allowances Net purchases Add: Sales returns and allowances Cost of goods available for sale Add. Freight out Cost of selling merchandise Gross profit margin Operating expenses Freight in 4.100 236,600 7.500 244,100 9.400 253,500 132,700 4.500 10.600 Insurance expense 2,400 Interest expense Interest expense 2.400 Rent expense 17.900 Salaries expense 41.900 Total operating expenses 77,300 55,400 Profit margin Other revenues Interest revenue $ 1.600 Investment by owner 3.300 4,900 Other expenses Depreciation expense 6,500 Drawings by owner 48,500 55,000 (50,100) Profit from operations $ 5,300 BRAMBLE COMPANY Balance Sheet Year Ended December 31, 2021 Assets Cash $ 16,600 Accounts receivable 7.500 Merchandise inventory, January 1, 2021 29,600 Merchandise inventory, December 31. 24.000 7.500 Accounts receivable 29,600 Merchandise inventory. January 1.2021 Merchandise inventory, December 31, 2021 24,000 Equipment $ 65,000 Less: loan payable (for equipment purchase) 50.600 14,400 Total assets $ 92.100 Liabilities and Owner's Equity Long-term investment $ 50.600 Accumulated depreciation-equipment 19,500 Sales discounts 3,000 Total liabilities 73.100 Owner's equity 19.000 Total liabilities and owner's equity $ 92,100 The owner of the company, Lily Oliver, is confused by the statements and has asked you for your help. Sh ifher Owner's Capital account was $ 71.100 at December 31, 2020, owner's equity is now only $19.000 that $ 19.000 must be correct because the balance sheet is balanced. The accountant also tells you that statement of owner's equity because it is an optional statement. You are relieved to find out that, event the statements, the amounts used from the accounts in the general ledger are the correct amounts. Prepare the correct multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses es (451) BRAMBLE COMPANY Income Statement December 31, 2021 Interest Revenue De Less : Sales 395,000 Sales Returns and Allowances 5.400 Total Operatine Expenses Cost of Goods Sold Purchases Purchase Returns and Allowances Less Sales Returns and Allowances > > > > > Question 5 of 6