The following income statement was prepared by an office clerk hired for July. As the accoun incorrect and prepare a corrected multi-step income statement. Demo Sales Income Statement For Month Ended July 31, 2020 Sales $562,840 Accounts receivable 37,350 Unearned sales 18, 140 Net sales $618,330 Operating expenses: Accumulated depreciation, equipment $ 30,350 Advertising expense 14,140 Cost of goods sold 395,400 Depreciation expense, equipment 3,140 Insurance expense 2,570 Interest expense 1,840 Interest payable 285 Jen Conway, withdrawals 14,079 office supplies 9,700 Prepaid insurance 15,400 Prepaid rent 25, 350 Rent expense 5,420 Salaries payable 175,200 Sales discounts 2,940 695,805 Loss $ 77,475 DEMO SALES Income Statement For Month Ended July 1, 2020 Operating expenses: Total operating expenses Profit from operations Other revenues and expenses