Multiple-Step Income Statement

Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Sauter Office Supplies for the year ended December 31, 20--.

Sales	$156,298
Sales Returns and Allowances	2,196
Sales Discounts	4,157
Interest Revenue	430
Merchandise Inventory, January 1, 20--	27,104
Purchases	112,007
Purchases Returns and Allowances	4,576
Purchases Discounts	2,710
Freight-In	871
Merchandise Inventory, December 31, 20--	33,027
Wages Expense	27,609
Supplies Expense	759
Telephone Expense	882
Utilities Expense	8,011
Insurance Expense	1,295
Depreciation ExpenseEquipment	3,802
Miscellaneous Expense	602
Interest Expense	4,713