On November $1,2025,$ Splish Brothers Inc. had the following account balances. The company uses the perpetual inventory method.

During November, the following summary transactions were completed.

Nov. $8$ Paid $$8,520$ for salaries due employees, of which $$4,440$ is for November and $$4,080$ is for October.

$10$ Received $$4,560$ cash from customers in payment of account.

$11$ Purchased merchandise on account from Dimas Discount Supply for $Prepare a multiple$-$step income statement for November.

SPLISH BROTHERS

Income Statement

For the Month Ended November $30,202519,200,$ terms $\frac{2}{10},\frac{n}{30}.$

$12$ Sold merchandise on account for $$13,200,$ terms $\frac{2}{10},\frac{n}{30}.$ The cost of the merchandise sold was $$9,600.$

$15$ Received credit from Dimas Discount Supply for merchandise returned $$700.$

$19$ Received collections in full, less discounts, from customers billed on sales of $$13,200$ on November $12.$

$20$ Paid Dimas Discount Supply in full, less discount.

$22$ Received $$5,520$ cash for services performed in November.

$25$ Purchased equipment on account $$12,000.$

$27$ Purchased supplies on account $$4,080.$

$28$ Paid creditors $$7,200$ of accounts payable due.

$29$ Paid November rent $$900.$

$29$ Paid salaries $$3,120.$

$29$ Performed services on account and billed customers $$1,680$ for those services.

$29$ Received $$1,620$ from customers for services to be performed in the future.