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. $562,840 37,350 18,140 $618,338 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 Solaries payable sales discounts Loss $ 30, 350 14, 140 395,400 3,140 2,570 1,840 285 14,078 9,700 15,400 25,350 5,428 175,200 2,940 695,805 $ 77,475 DEMO SALES Income Statement For Month Ended July 31, 2020 DEMO SALES Income Statement For Month Ended July 31, 2020 559.900 Net sales Cost of goods sold 395,400 Operating expenses. 0 Total operating expenses Profit from operations Other revenues and expenses