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.

Demo Sales

Income Statement

For Month Ended July $31,2023$

Sales $ $563,140$

Accounts receivable $37,500$

Unearned sales $18,200$

Net sales $ $618,840$

Operating expenses:

Accumulated depreciation, equipment $ $30,500$

Advertising expense $14,200$

Cost of goods sold $396,000$

Depreciation expense, equipment $3,200$

Insurance expense $2,600$

Interest expense $1,900$

Interest payable $300$

Jen Conway, withdrawals $14,100$

Office supplies $10,000$

Prepaid insurance $16,000$

Prepaid rent $25,500$

Rent expense $5,600$

Salaries payable $175,200$

Sales discounts $3,000698,100$

Loss $ $79,260$