The Deluxe Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the companys fiscal year on November 30, 2017, the following accounts appeared in two of its trial balances.

Prepare a multiple-step income statement.

Unadjusted Adjusted Accounts Payable Accounts Receivable Accumulated Depr-Equipment Cash Common Stock Cost of Goods Sold Dividends Freight-Out Equipment Depreciation Expense Insurance Expense Interest Expense Interest Revenue Unadjusted Adjusted $29,500 $29,500 35,000 2,600 2,500 2,500 14,400 61,700 95,500 11,000 4,500 7,500 700,000 700,000 8,700 $25,600 $25,600 Inventory 31,000 36,000 31,000 Notes payable 44,500 Prepaid Insurance 35,000 10,700 26,000 26,000 Property Tax Expense 42,400 42,400 Property Taxes Payable 14,400 61,700 95,500 6,500 511,000 511,000 Rent Expense Retained Earnings 9,500 5,900 147,000 9,500 5,900Salaries and Wages Expense 147,000 8,500 8,100 6,000 8,500 Utilities Expense Sales Commissions Expense Sales Commissions Payable Sales Returns and Allowances Sales Revenue 7,500 6,000 8,500 8,700