Signature Co$.$ is an online merchandising company that high$-$end jackets to its

customers. The following selected figures $($in euros$)$ relate to the most recent

fiscal year $2023$:

Interest revenue $20,000$ Rent expense $60,000$

Interest expense $15,000$ Insurance expense $20,000$

Depreciation expense $50,000$ Interest Payable $3,000$

Accumulated

depreciation

$150,000$ Sales revenue $900,000$

Salaries and wages

payable

$25,000$ Sales returns and

allowances

$30,000$

Salaries and wages

expense

$120,000$ Sales discount $10,000$

Utilities expense $40,000$ Freight out $30,000$

Prepaid rent $160,000$ Advertising expense $25,000$

Required:

$1)$ If your know that the net income for $2023$ was $60,000,$ prepare a

multiple$-$step income statement for Signature Co$.$ for the year ended

December $31,2023,$ and obtain the amount of the cost of goods sold.

$2)$ Would preparing a single$-$step income statement result in a different

amount of net income?