Question: LO 4 Single-Step Income Statement SE 7. Using the following accounts, prepare a single-step income statement at yearend May 31, 2011: Cost of Goods Sold,

LO 4 Single-Step Income Statement SE 7. Using the following accounts, prepare a single-step income statement at yearend May 31, 2011: Cost of Goods Sold, \$840; General Expenses, \$450; Income Taxes, \$105; Interest Expense, \$210; Interest Income, \$90; Net Sales, \$2,400; Selling Expenses, \$555. (Note: Ignore earnings per share.) Multistep Income Statement SE 8. Using the accounts presented in SE 7, prepare a multistep income statement

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