net income of multiple step income statement-$37,650

WORLD ENTERPRISES Trial Balance December 31, 2024 1. There is $750 of supplies on hand on December 31, 2024. 2. The one-year insurance policy was purchased on March 1, 2024. 3. Depreciation expense for the year is $10,000 for the equipment and $4,500 for the furniture. 4. Accrued interest expense at December 31,2024 , is $675. 5. Unearned revenue of $975 is still unearned at December 31, 2024. On the amount that was earned, cost of goods sold was $1,750. 6. A physical count of merchandise inventory indicates $32,750 on hand on December 31,2024. 7. World Enterprises uses the perpetual inventory system and the earnings approach. Instructions a. Prepare the adjusting entries assuming they are prepared annually and update account balances. b. Prepare a multiple-step income statement. c. Prepare a single-step income statement. d. Prepare the closing entries