did I do everything correctly? Answer Requirement 2. Would you recommend the use of the?single-step income statement format by a?merchandiser? Why?

Data Table - X The account balances for Everything Wholesale , Inc., for the year ended August 31 , 20 {} ( Click the icon to view the account balances . !' Requirements* Cash 5 19,6:00 Cost of goods sold ..............." 132, 100 . Prepare Everything Wholesale , Inc .'s single - step income statement .* Equipment 40. 500 Accumulated depreciation . 2. Would you recommend the use of the single -step income statement format by a me Accounts payable .......... .` 4.500 equipment 14.500 Sales revenue 234.500 Common stock . 36,000\\ Unearned revenues* 3.500 Expenses Long-term notes payable ...... 30, 000* Sales revenue . 234.500 Cost of goods sold 132100 General expenses 18, 200 Accounts receivable* 4.500 Selling Expenses 2680 0 Salaries payable` 2, 400 Accumulated depreciation ! General EXPENSES 182010 Supplies 1 , 300 building* 18.500 Interest expense TOO Building . 125, 000 Mortgage payable ( long-term ) ..... 43.500 Total EXPENSES Estimated refund liability* 3, 300 Dividends* 34,000 Net income ( 105.5) 56700 Prepaid rent* 3, 100 Estimated inventory returns* 2.300 Interest expense .` 100 Selling expenses 26. 8 Requirement 2. Would you recommend the use of the single - step income statement for Retained earnings 20, 100 Inventory* 2,700 The single - step income statement is recommended* for Everything Wholesale as ` the financial statement _choose from any list or enter any* is not recommended no then continue to Print Done is recommended