BUAD 111 Chapter 5 Notes Homework: Raji's Hardware - Multiple Step Income Statement Raji's Hardware's trial balance at its year end of December 31, 2021, is provided below. Raji's uses the perpetual inventory system. A count of the inventory on hand shows the actual amount on hand is $ 26,500. All other year-end adjusting entries have been made. RAJI'S HARDWARE Trial Balance December 31, 2021 Cash $ 3.500 Accounts receivable 9,250 Merchandise inventory. 26,100 Long-term investment 10,000 Accounts payable $ 11,100 Interest payable 100 Note payable, due 2024 5,000 J. Raji, Capital 10,270 J. Raji, Drawings 6,000 Sales 195.000 Sales returns and allowances. 620 Sales discounts. 300 Cost of goods sold 122,500 Salaries expense 26,000 Advertising expense 4,500 Rent expense 12,600 Interest expense 100 S 221.470 $ 221,470 Instructions a) Prepare a multiple-step income statement for Raji's Hardware