Problem - The adjusted trial balance of Nick company contained the following information
Debit Credit
Sales Revenue $570,000
Sales Returns and allowances $15,000
Sales Discounts $7,000
Cost of goods sold $323,000
Freight-Out $2.000
Advertising Expense $15,000
Interest Expense $18,000
Salaries and Wages Expense $85,000
Utilities Expense $28,000
Depreciation Expense $7,000
Interest Revenue $27,000
Instructions:
1. Use the above information to prepare multiple step income statement for the year ended December 31st, 2015
2. Prepare single step income statement for the year ended December 31st, 2015.