Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of equipment office supplies expense Insurance expense Sales office salaries expense Rent expense-Selling space Sales staff wages $ 6,250 Depreciation expense-office copier $ 500 700 Sales discounts 16,000 1,300 Sales returns and allowances 4,000 220,000 TV advertising expense 2,000 32,500 Interest revenue 750 10,000 Cost of goods sold 90,000 23,000 Sales commission expense 13,000 Prepare a multiple-step Income statement Prepare a multiple-step income statement. FIT-FOR-LIFE FOODS Income Statement For Year Ended December 31 0 0 0 Expenses Selling expenses 0 Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses 0 0 0 Other revenues, gains, expenses & losses Total other revenues, gains, expenses & losses 0 Adams Co. reports the following balance sheet accounts as of December 31 $ Salaries payable Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable Common stock 6,000 Retained earnings 55,000 Notes payable (due in 9 years) 7,000 office supplies 14,000 10,000 Accumulated depreciation--Building 3,000 Mortgages payable (due in 5 years) 4,000 Cash 10,000 Land $ 50,000 30,000 2,000 22,000 5.000 12,000 16,000 Required: Prepare a classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.) ADAMS CO. Balance Sheet December 31 Assets Current assets Total current assets Plant assets $ o Total plant assets Total assets 0 5 Liabilities Current liabilities Total current liabilities Long-term liabilities $ Total long-term abilities Total liabilities 0 0 Equity Total equity Total liabilities and equity 0 $ 0