The Adjusted Trial Balance of Bennett Company Contained the Following

Essay

The adjusted trial balance of Bennett Company contained the following information: $\begin{array}{lrr}&\text { Debit}&\text { Credit}\\\text { Sales Revenue } & & \$ 530,000 \\\text { Sales Returns and Allowances } & \$ 12,000 & \\\text { Sales Discounts } & 7,000 & \\\text { Cost of Goods Sold } & 318,000 & \\\text { Freight-Out } & 2,000 & \\\text { Advertising Expense } & 15,000 & \\\text { Interest Expense } & 13,000 & \\\text { Salaries and Wages Expense } & 90,000 & \\\text { Utilities Expense } & 23,000 & \\\text { Depreciation Expense } & 12,000 & \\\text { nterest Revenue } & & 37,000\end{array}$
Instructions
1. Use the above information to prepare a multiple-step income statement for the year ended December 31 2016.
2. Prepare a single-step income statement for the year ended December 31 2016.