The following adjusted trial balance for Bell Servicing was prepared at the end of the fiscal year, December $31,2023$:

Account Debit Credit

$101$ Cash $ $8,600$

$119$ Merchandise inventory $16,800$

$125$ Supplies $10,600$

$128$ Prepaid insurance $4,600$

$165$ Store equipment $51,600$

$166$ Accumulated depreciation, store equipment $ $47,400$

$167$ Office equipment $69,600$

$168$ Accumulated depreciation, office equipment $34,800$

$201$ Accounts payable $16,600$

$301$ Jonah Bell, capital $32,360$

$302$ Jonah Bell, withdrawals $41,600$

$413$ Sales $297,800$

$415$ Sales discounts $2,600$

$505$ Cost of goods sold $75,400$

$612$ Depreciation expense, store equipment $5,800$

$613$ Depreciation expense, office equipment $4,400$

$622$ Sales salaries expense $46,600$

$623$ Office salaries expense $32,600$

$637$ Insurance expense, store $2,600$

$638$ Insurance expense, office $1,900$

$640$ Rent expense, office space $13,600$

$641$ Rent expense, selling space $17,600$

$651$ Office supplies expense $1,260$

$652$ Store supplies expense $3,000$

$655$ Advertising expense $18,200$

Totals $ $428,960$ $ $428,960$

Required:

$1.$ Prepare a classified multiple$-$step income statement that would be used by the business$$s owner.

$2.$ Prepare a multiple$-$step income statement that would be used by external users.

$3.$ Prepare a single$-$step income statement that would be provided to decision makers outside the company.

Analysis Component:

If you were a decision maker external to Bell Servicing, which income statement format would you prefer and why, if you had a choice?

Which income statement format$($s$)$ could you expect as an external user?