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EXERCISE 3 - Multiple-Step Income Statement (15 pts.) The adjusted trial balance of Omega Company at March 31, 2017 contained the following information: Debit Credit

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EXERCISE 3 - Multiple-Step Income Statement (15 pts.) The adjusted trial balance of Omega Company at March 31, 2017 contained the following information: Debit Credit Sales $560,000 Sales Returns and Allowances $ 20,000 7,000 386,000 Sales Discounts Cost of Goods Sold Freight-out Advertising Expense 2,000 15,000 Interest Expense 18,000 Store Salaries Expense 55,000 Utilities Expense 28,000 Depreciation Expense 7,000 Interest Revenue 30,000 Gain on Disposal of Equipment 15.000 Instructions Use the above information to prepare a multiple-step income statement for the month ended March 31, 2017

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