The following income statement was prepared by an office clerk hired for July. As the accounting supervisor, you recognize that it is incorrect and prepare a corrected multi-step income statement. Demo Sales Income Statement For Month Ended July 31, 2017 Sales Accounts receivable Unearned sales 562,740 37 300 18,120 Net sales 618,160 Operating expenses Accumulated depreciation, equipment Advertising expense Cost of goods sold Depreciation expense, equipment Insurance expense Interest expense Interest payable Jen Conway, withdrawals Office supplies Prepaid insurance Prepaid rent Rent expense Salaries payable Sales discounts 30,300 14,120 395.200 3,120 2,560 1,820 280 14,060 9,600 15,200 25,300 5,360 175,200 2,920 695 040 Loss 76,880