P5A-44B (similar to) Taylor Department Store uses a periodic inventory system. The adjusted trial balance of Taylor Department Store at December 31, 2016, follows: Click the icon to view the adjusted trial balance.) Read the requirements Furniture Requirement 1. Prepare Taylor Department Store's multi-step income statement for the year ended December 31, 2016. Assume ending Merchandise Inventory is $38,100. (Use a minus sign or parentheses to show other expenses.) Begin by calculating the gross profit, then complete the income statement in the next step. i Data Table Taylor Company Income Statement Year Ended December 31, 2016 Taylor Department Store Adjusted Trial Balance Less: December 31, 2016 Balance Account Title Debit Credit Cash S 8,500 Accounts Receivable 85.300 Merchandise Inventory (beginning) 37.100 Less: Office Supplies 500 82.000 Accumulated DepreciationFurniture S 18,400 Plus: Accounts Payable 29,200 Salaries Payable 2.400 Unearned Revenue 14,000 Less: Notes Payable, long-term 38,000 Taylor, Capital 59,500 Gross Profit Taylor, Withdrawals 89.200 Sales Revenue 393,000 Sales Returns and Allowances - X 7,700 Requirements Sales Discounts 4,200 Purchases 292,000 1. Prepare Taylor Department Store's multi-step income statement for the year Purchase Returns and Allowances 118.000 ended December 31, 2016. Assume ending Merchandise Inventory is Purchase Discounts 6.900 $36.100 2. Journalize Taylor Department Store's closing entries. Freight In 300 Selling Expense 41,700 Administrative Expense 27,000 Print Done 3,900 Interest Expense s Total 679,400 S 679,400 Print Done Choose from any list or enter any number in the input fields and then click Check