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. $563,840 37,85e 18,340 $620,030 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 $ 30,850 14,340 397,400 3,340 2,670 2,040 335 14,170 10,700 17,400 25,850 6,020 175,200 3, 140 703,455 $ 83,425 Loss DEMO SALES Income Statement For Month Ended July 31, 2020 Mavi DEMO SALES Income Statement For Month Ended July 31, 2020 Operating expenses 0 Total operating expenses Profit from operations Other revenues and expenses