Question: The following selected accounts and their ending balances for the fiscal year ended June 30, 20X1 appear in the ledger for Iditorad Inc.
Advertising Expense 23,000
Cost of Merchandise Sold 990,000
Depreciation Expense - Office Equip. 11,000
Depreciation Expense - Store Equipment 7,000
Insurance Expense 4,000
Interest Expense 10,000
Interest Revenue 7,000
Miscellaneous Administrative Expenses 3,000
Miscellaneous Selling Expenses 20,000
Office Salaries Expense 155,000
Office Supplies Expense 125,000
Rent Expense 12,000
Sales 2,500,000
Sales Discounts 11,000
Sales Returns & Allowances 12,000
Sales Salaries Expense 115,000
Prepare a multiple-step income statement.