The following account balances are taken from Sherwood Ltd.s adjusted trial balance at June 30, 2016:

		Debit			Credit
Sales					$2,110,000
Sales returns		$145,000
Cost of goods sold		1,006,048
General expenses		44,000
Selling expenses		82,000
Depreciation expense		75,000
Interest expense		34,000
Interest revenue					45,000
Income tax expense		10,500
Utilities expense		113,000
Salaries expense		146,000

Prepare a single-step statement of income for the year ended June 30,2016

Prepare a multi-step statement of income for the year ended June 30, 2016.