An Adjusted Trial Balance for Woods Company Is Presented Below

Essay

An adjusted trial balance for Woods Company is presented below.Prepare a multiple-step income statement for the company. $$\begin{array} {c} { \text { Woods Company } } \\ { \text { Adjusted Trial Balance } } \\\text { For the Year Ended December 31, } 2012 \\\begin{array}{ | l | r | r | } \hline & & \\\hline \text { Cash } & \$ 45,000 & \\\hline \text { Accounts receivable } & 50,000 & \\\hline \text { Inventory } & 96,000 & \\\hline \text { Equipment } & 100,000 & \\\hline \text { Accumulated depreciation-equipment } & & \$ 20,000 \\\hline \text { Accounts payable } & & 56,000 \\\hline \text { D. Woods, capital } & & 201,000 \\\hline \text { D. Woods, drawing } & 36,000 & \\\hline \text { Sales revenue } & & 455,000 \\\hline \text { Sales returns and allowances } & 30,000 & \\\hline \text { Sales discounts } & 25,000 & \\\hline \text { Cost of goods sold } & 260,000 & \\\hline \text { Salary expense } & 52,000 & \\\hline \text { Insurance expense } & 9,000 & \\\hline \text { Utilities expense } & 19,000 & \\\hline \text { Depreciation expense } & 10,000 & \\\hline \text { Delivery expense } & 15,000 & \\\hline \text { Interest revenue } & & 28,000 \\\hline \text { Interest expense } & 13,000 & \\\hline \text { Total } & \$ 760,000 & \$ 760,000 \\\hline\end{array}\end{array}$$