Selected account balances at December $31,2014,$ for Infosys Company follow. Prepare a multistep income statement for the year ended December $31,2014.$ Show detail

of net sales. The company uses the perpetual inventory system, and Freight$-$In has not

been included in Cost of Goods Sold.

Account Name Debit Credit

Sales $$475,000$

Sales Returns and Allowances $ $23,500$

Cost of Goods Sold $280,000$

Freight$-$In $13,500$

Selling Expenses $43,000$

General and Administrative Expenses $87,000$