Presented below is information for Zhou Co. for the month of January 2014. Cost of goods sold $214,000 Rent expense $33,100 Freight-out 8,100 Sales discounts 9,700 Insurance expense 14,100 Sales returns and allowances 19,400 Salaries and wages expense 60,700 Sales revenue 396,000 Partially correct answer. Your answer is partially correct. Try again. Prepare an income statement using the multi-step format. Assume a 20% tax rate.

Hello I got suck on this question, not sure where to go from here.... Can someone also please explain to me how to answer this question step by step showing the formula.

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