Exercise 5-26 Preparing an income statement-periodic LO7 The following adjusted account Information, in alphabetical order, was taken from the work sheet of John's Electronics for the month ended April 30, 2020. A physical count on April 30, 2020, revealed a merchandise Inventory balance actually on hand of $2,540. John's Electronics Unadjusted Trial Balance For Month Ended April 30, 2028 No. Account Debit 201 Accounts payable 154 Accumulated depreciation, trucks Credit $ 2,198 16,400 101 Cash $ 2,000 611 Depreciation expense, delivery trucks 720 633 Interest expense 110 301 John Yu, capital 27,176 302 John Yu, withdrawals 9,600 119 Merchandise inventory 6,500 507 Purchase discounts 36 506 Purchase returns and allowances 100 505 Purchases 16,940 413 Sales 37,700 414 Sales returns and allowances 1,820 688 Telephone expense, office 140 689 508 153 623 Telephone expense, store Transportation-in Trucks Wages expense, office 624 Wages expense, selling Totals $ 83,610 $ 83,610 420 460 30,400 5,700 8,800 Required: a. Calculate net sales. Net sales 13 Required: a. Calculate net sales. Net sales b. Calculate cost of goods sold. Cost of goods sold c. Prepare a classified multiple-step Income statement for the month ended April 30, 2020. (Input all amounts as positive values.) Cost of goods sold: Cost of goods sold Operating expenses: Selling expenses: JOHN'S ELECTRONICS Income Statement For Month Ended April 30, 2020 13 Cost of goods sold Operating expenses: Selling expenses: Total selling expenses General and administrative expenses: Total general and administrative expenses Total operating expenses Other revenues and expenses