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Macy's department store has the following account balances on December 31, 2020 Cash $3,809 Total operating expenses $3,552 Accounts payable $3,538 Owner's equity $5,308 Notes
Macy's department store has the following account balances on December 31, 2020
Cash $3,809
Total operating expenses $3,552
Accounts payable $3,538
Owner's equity $5,308
Notes payable $971
Merchandise inventory $391
Cost of merchandise sold $20,047
Other assets $3,025
Other current liabilities $1,654
Property and equipment $765
Net sales $25,265
Other revenues $873
Accounts receivable $2,608
1. Prepare a multi-step income statement
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