The following account titles and balances were taken from the adjusted trial balance of King Co. for 2018. The company uses the periodic inventory system. Balance $ 3,000 600 2,000 150,000 6,000 21,100 2,700 80,000 200 11,000 8,000 10,200 2,000 3,000 1,500 |Account Title- Sales returns and allowances Miscellaneous expense Transportation-out Sales Advertising expense Salaries expense Transportation-In Purchases Interest expense Merchandise inventory, January 1 Rent expense Merchandise inventory, December 31 Purchase returns and allowances Loss on sale of land utilities expense Required o. Prepare a schedule to determine the amount of cost of goods sold. b. Prepare a multistep income statement c. Prepare a single-step income statement