Exercise 5-11

The following selected accounts from the Whispering Winds Corp.s general ledger are presented below for the year ended December 31, 2017:

Advertising expense		$ 59,400		Interest revenue		$ 32,400
Common stock		270,000		Inventory		72,360
Cost of goods sold		1,171,800		Rent revenue		25,920
Depreciation expense		135,000		Retained earnings		577,800
Dividends		162,000		Salaries and wages expense		729,000
Freight-out		27,000		Sales discounts		9,180
Income tax expense		75,600		Sales returns and allowances		44,280
Insurance expense		16,200		Sales revenue		2,592,000
Interest expense		75,600

Prepare a multiple-step income statement.