The following amounts appeared on Excel Company's adjusted trial balance as of May 31, 2014, the end of its fiscal year:

Required
1. Present a classified multiple-step income statement for internal users that lists the company's net sales, cost of goods sold and gross profit, as well as the components and amounts of selling expenses and general and administrative expenses.
2. Present a condensed single-step income statement that lists these costs: cost of goods sold, selling expenses, and general and administrative expenses.

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Debit Credit 21,000 385,200 Merchandise inventory Other assets Liabilities Reena Excel, capital $ 105,000 339,1S0 48,000 636,000 Sales Sales discounts Sales returns and allowances Cost of goods sold 9,750 42,000 296,000 87,000 30,000 7,500 54,000 79,500 17,800 2,400 Rent expense, selling space Store supplies expense Advertising expense Office salaries expense Office supplies expense Totals $1,080,150 1,080,150