The adjusted trial balance of Pratt Company contained the following information:
|
Income Statement |
||
|
Debit |
Credit |
|
|
Sales |
RM550,000 |
|
|
Sales Returns and Allowances |
RM 20,000 |
|
|
Sales Discounts |
7,000 |
|
|
Cost of Goods Sold |
366,000 |
|
|
Freight out |
2,000 |
|
|
Advertising Expense |
15,000 |
|
|
Interest Expense |
18,000 |
|
|
Store Salaries Expense |
50,000 |
|
|
Utilities Expense |
18,000 |
|
|
Depreciation Expense |
7,000 |
|
|
Interest Revenue |
25,000 |
|
Instructions:
Use the above information to prepare a multiple step income statement for the year ended December 31, 2007.