The adjusted trial balance of ACCO $111$ Company contained the following information:

Debit Credit

Sales $$560,000$

Sales Returns and Allowances $ $20,000$

Sales Discounts $7,000$

Cost of Goods Sold $386,000$

Freight$-$out $2,000$

Advertising Expense $15,000$

Interest Expense $18,000$

Store Salaries Expense $55,000$

Utilities Expense $28,000$

Depreciation Expense $7,000$

Interest Revenue $30,000$

Instructions

$1.$ Use the above information to prepare a multiple$-$step income statement for the year ended

December $31,2023.$

$2.$ Prepare a single$-$step income statement for the year ended December $31,2023$