ondoi 2. SAW Inc, had the following account balances on 12312 formatting for a merchandising company (multi-step format must be used). (Spts) Frepare the Income Statement for SAW using proper Cash A/R $12,500 $10,000 $50,000 $8,000 Cost of Goods Sold S120,000 Sales Returns Utility Expense Interest Revenue Salaries Expense $49,000 Owner Withdrawal$5,800 Rent Expense A/P Sales $8,000 $5,500 $7,500 Owner Capital Sales Discount $405,000 $7,500 $8,500 3. See information for SAW Inc. above in #2. Prepare the journal entries needed to close appropriate accounts. (4pts) Step 1 Step 2 Step 3 Step 4