From the adjusted trial balance for Brookstone Art Supplies, Inc.

From the adjusted trial balance for Brookstone Art Supplies, Inc. given below, prepare a multiple-step income statement in good form.Brookstone Art Supplies, Inc.Adjusted Trial BalanceDecember 31DebitCreditCash$9,400Accounts receivable25,000Merchandise inventory36,000Office supplies900Store equipment75,000Accumulated depreciation—store equipment$22,000Office equipment60,000Accumulated depreciation—office equipment15,000Accounts payable42,000Notes payable10,000Common stock1,000Retained earnings109,700 Dividends48,000Sales325,000Sales discounts6,000Sales returns and allowances16,500Cost of goods sold195,000Selling expenses32,500General and administrative expenses19,800Interest expense 600 Totals4,700$524,700

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