Given the following information;prepare the first part of the Multi-Step Income Statement(HINT:through Gross Profit)

Selling Expense 10,000 Inventory 30,000

Furniture 50,000 Cash 60,000

Sales Returns and Allowances 3,000 Cost of Goods Sold 50,000

General Expense 20,000 Sales Revenue 94,000

Capital 30,000 Accounts Payable 15,000

Salary Payable 27,000 Sales Discount 1,000