Selected accounts from Dence's Gourmet Shop's adjusted trial balance as of March 31, 2014, the end of the current fiscal year, follow. The merchandise inventory for Dence's was $81,222 at the beginning of the year and $76,664 at the end of the year.

Required
Prepare a multistep income statement for Dence's. Store Salaries Expense, Advertising Expense, Store Supplies Expense, and Depreciation Expense-Store Equipment are selling expenses. The other expenses are general and administrative expenses. The company uses the periodic inventory system. Show details of net sales and operating expenses.

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Dence's Gourmet Shop Partial Adjusted Trial Balance March 31, 2014 Sales Sales Returns and Allowances Purchases Purchases Returns and Allowances Freight-In StoreSalaries Expense Office Salaries Expense Advertising Expense Rent Expense Insurance Expense Utilities Expense Store Supplies Expense Office Supplies Expense Depreciation Expense-Store Equipment Depreciation Expense-Office Equipment Income Tax Expense 433,912 11,250 221,185 30,238 10,078 107,550 26,500 18,200 14,400 2,800 18,760 464 814 1,800 1,850 510