Selected accounts from Will's Sports Equipment's adjusted trial balance on September 30, 2014, the fiscal year end, follow. The company's beginning merchandise inventory was $38,200 and ending merchandise inventory is $29,400 for the period.

Required
Prepare a multistep income statement for Will'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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Will's Sports Equipment Partial Adjusted Trial Balance September 30, 2014 Sales Sales Returns and Allowances Purchases Purchases Returns and Allowances Freight-In Store Salaries 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 165,000 2,000 70,200 2,600 2,300 32,625 12,875 24,300 2,400 1,200 1,560 2,880 1,175 1,050 800 780