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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
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. $563,040 37,450 18,180 $618,670 Demo Sales Income Statement For Month Ended July 31, 2020 Sales Accounts receivable Unearned sales Net sales 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 Loss $ 30,450 14,180 395,800 3,180 2,590 1,880 295 14,090 9,900 15,800 25,450 5,540 175,200 2,980 697,335 $ 78,665 DEMO SALES Income Statement For Month Ended July 31, 2020 Operating expenses: Total operating expenses Profit from operations Other revenues and expenses
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