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The following selected accounts and their current balances appear in the ledger of Fernandez Co

Accounting

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The following selected accounts and their current balances appear in the ledger of Fernandez Co. at the end of its fiscal year.

Cash

$250,000

Retained Earnings

2,850,000

Accounts Receivable

1,197,000

Dividends

50,000

Inventory

1,790,000

Sales

9,350,000

Estimated Returns Inventory

23,500

Cost of Goods Sold

5,840,000

Office Supplies

14,000

Sales Salaries Expense

820,000

Prepaid Insurance

8,500

Advertising Expense

350,000

Office Equipment

870,000

Depr. Exp.—Store Equip.

120,000

Accum. Depr.—Office Equip.

580,000

Miscellaneous Selling Expense

58,000

Store Equipment

2,600,000

Office Salaries Expense

550,000

Accum. Depr.—Store Equip.

820,000

Rent Expense

104,000

Accounts Payable

336,000

Depr. Exp.—Office Equip.

60,000

Customer Refunds Payable

39,000

Insurance Expense

50,000

Salaries Payable

43,000

Office Supplies Expense

26,000

Notes Payable (long-term)

200,000

Miscellaneous Admin. Exp.

12,000

Common Stock

600,000

Interest Expense

25,000

 

Prepare multiple-step income statement for Fernandez Co. for the year ended December 31.