The following is a partial list of account balances for the Fisherman's Supply at December 31, Year 1: Cash $93,000 Accounts receivable 31,000 Inventory 220,000 Supplies 4,900 Land 140,000 Accounts payable 62,000 Common stock 42,000 Retained earnings 90,000 Sales revenue 550,000 Cost of goods sold 400,000 Salaries expense 37,000 Utilities expense 10,300 Other operating expense 32,000 Gain on sale of land 8,400 Required: After the temporary accounts are closed, what is the balance of Retained Earnings? From the above information, prepare a multistep income statement.

Complete this question by entering your answers in the tabs below. After the temporary accounts are closed, what is the balance of Retained Earnings? From the above information, prepare a multistep income statement