1. Multiple - step

The following account balances were included in the trail balance of J.R Reid Corporation at June 30, 2009.

Instructions: Using the multiple-step form, prepared an income statement for the year ended June 30, 2009.

SALES

1,678,500

SALES DISCOUNT

31,150

COST OF GOODS SOLD

896,770

SALES SALARIES

56,260

SALES COMMISIONS

97,600

TRAVEL EXPENSE-SALESPERSON

28,930

DELIVERY EXPENSES

21,400

ENTERTAINMENT EXPENSES

14,820

TELEPHONE & INTERNET EXPENSE-SALES

9,030

DEPRECIATION OF SALES EQUIPMENT

4.980

BUILDING EXPENSE-PRORATED TO SALES

6,200

MISCELLANEOUS SELLING EXPENSES

4,715

OFFICE SUPPLIES EXPENSE

3,450

TELEPHONE & INTERNET EXPENSE-ADMINTRATION

2,820

DEPRECIATION OF OFFICE FURNITURE & EQUIP

7,250

REAL ESTATE & OTHER LOCAL TAXES

7,320

BAD DEBT EXPENSE SELLING

4,850

BUILDING EXPENSE PRORATED TO ADMIN

9,130

MISCELLANEOUS OFFICE EXPENSE

6,000

SALES RETURNS

62,300

BOND INTEREST EXPENSE

18,000

INCOME TEXES

133,00

NEED TO BE EXPLAINED ABOUT the multiple-step form, AND IF DOES APPLY TO THIS CASE? THANKS YOU!

************************** ALSO THIS IS THE SECOND TIME I SUBMITTED THIS QUESTION FOR A BETTER ANSWER************************************