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 correct multi step income statement

$563,440 37,650 18,260 $619,350 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 $ 30,650 14,260 396,600 3,260 2,630 1,960 315 14,130 10,300 16,600 25,650 5,780 175, 200 3,060 700,395 $ 81,045 DEMO SALES Income Statement For Month Ended July 31, 2020 Operating expenses 0 Total operating expenses Profit from operations Other revenues and expenses