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From the adjusted trial balance for Brookstone Art Supplies given below, prepare a multiple-step income statement in good form. Brookstone Art Supplies Adjusted Trial Balance

From the adjusted trial balance for Brookstone Art Supplies given below, prepare a multiple-step income statement in good form.

Brookstone Art Supplies

Adjusted Trial Balance

December 31

Debit

Credit

Cash

$9,400

Accounts receivable

25,000

Merchandise inventory

36,000

Office supplies

900

Store equipment

75,000

Accumulated depreciationstore equipment

$22,000

Office equipment

60,000

Accumulated depreciationoffice equipment

15,000

Accounts payable

42,000

Notes payable

10,000

Common stock

10,000

Retained earnings

100,700

Dividends

48,000

Sales

325,000

Sales discounts

6,000

Sales returns and allowances

16,500

Cost of goods sold

195,000

Selling expenses

32,500

General and administrative expenses

19,800

Interest expense

600

Totals

$524,700

$524,700

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