The following account balances are taken from Sherwood Ltd.s adjusted trial balance at June 30, 2020:

Prepare a single-step statement of income for the year ended June 30, 2020.

Prepare a multi-step statement of income for the year ended June 30, 2020.

Debit Credit $1,242,000 Sales revenue Advertising expense Cost of goods sold General and administrative expenses Selling expenses Depreciation expense Interest expense Interest revenue Income tax expense Wages expense Utilities expense $128,000 597,000 41,000 76,000 71,000 39,000 43,000 10,000 162,000 106,000 Sherwood Ltd. Statement of Income $ $ Sherwood Ltd. Statement of Income $ >