son Company contained the following information

Sales Revenue $780,000

Sales Returns and Allowances 25,000

Sales Discounts 5000

Cost of Goods Sold 423,000

Freight-Out 5,000

Utilities Expense 32,000

Fees Revenue 27,000

Advertising Expense 25,000

Electricity Expense 20,000

Salaries and Wages Expense 65,000

Depreciation Expense 14,000

Instructions

1. Use the above information to prepare a multiple-step income statement for the year ended December 31, 2020.