Presented below is information for Kaila Company for the month of March 2017.

Cost of goods sold		$220,400		Rent expense		$ 31,250
Freight-out		6,890		Sales discounts		7,060
Insurance expense		6,080		Sales returns and allowances		13,450
Salaries and wages expense		58,670		Sales revenue		385,700

(a)

Prepare a multiple-step income statement.

KAILA COMPANY Income Statement For the Year Ended March 31, 2017For the Month Ended March 31, 2017March 31, 2017
DrawingsNet Income / (Loss)Owner's Capital, March 1Owner's Capital, March 31Sales RevenuesTotal RevenuesNet SalesGross Profit / (Loss)Operating ExpensesTotal Operating Expenses
			$
AddLess :
		$
Drawings Net Income / (Loss) Owner's Capital, March 1 Owner's Capital, March 31 Sales Revenues Total Revenues Net Sales Gross Profit / (Loss) Operating Expenses Total Operating Expenses
DrawingsNet Income / (Loss)Owner's Capital, March 1Owner's Capital, March 31Sales RevenuesTotal RevenuesNet SalesGross Profit / (Loss)Operating ExpensesTotal Operating Expenses
DrawingsNet Income / (Loss)Owner's Capital, March 1Owner's Capital, March 31Sales RevenuesTotal RevenuesNet SalesGross Profit / (Loss)Operating ExpensesTotal Operating Expenses
Drawings Net Income / (Loss) Owner's Capital, March 1 Owner's Capital, March 31 Sales Revenues Total Revenues Net Sales Gross Profit / (Loss) Operating Expenses Total Operating Expenses
Drawings Net Income / (Loss) Owner's Capital, March 1 Owner's Capital, March 31 Sales Revenues Total Revenues Net Sales Gross Profit / (Loss) Operating Expenses Total Operating Expenses			$

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