From the Adjusted Trial Balance for Brookstone Art Supplies Given $\text { Brookstone Art SuppliesAdjusted Trial BalanceDecember } 31$

Essay

From the adjusted trial balance for Brookstone Art Supplies given below, prepare a multiple-step income statement in good form.
Brookstone Art SuppliesAdjusted Trial BalanceDecember 31
$\text { Brookstone Art SuppliesAdjusted Trial BalanceDecember } 31$
$\begin{array}{|l|r|l|}\hline & \text { Debit } & \text { Credit } \\\hline \text { Cash } & \$ 9,400 & \\\hline \text { Accounts receivable } & 25,000 & \\\hline \text { Merchandise inventory } & 36,000 & \\\hline \text { Office supplies } & 900 & \\\hline \text { Store equipment } & 75,000 &\\\hline \text { Accumulated depreciation-store equipment } & & \$ 22,000 \\\hline \text { Office equipment } & 60,000 & \\\hline \text { Accumulated depreciation-office equipment } & & 15,000 \\\hline \text { Accounts payable } & & 42,000 \\\hline \text { Notes payable } & & 10,000 \\\hline \text { A. Brookstone, Capital } & & 110,700 \\\hline \text { A. Brookstone, Withdrawals } & 48,000 & \\\hline \text { Sales } & & 325,000\\\hline\end{array}$

$$\begin{array} {| l | r | r |} \hline\text { Sales discounts } & 6,000 & \\\hline \text { Sales returns and allowances } & 16,500 & \\\hline \text { Cost of goods sold } & 195,000 & \\\hline \text { Selling expenses } & 32,500 & \\\hline \text { General and adrministrative expenses } & 19,800 & \\\hline \text { Interest expense } & 600 & \\\hline \text { Totals } & \$ 524,700 & \$ 524,700 \\\hline\end{array}$$