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Practice Exercise 5-4 Determine where each of the following items would appear on (a) a single-step income statement and (b) a multiple-step income statement (b) Item Single-Step Multiple-Step (a) Depreciation expense 2 Cost of goods sold Freight out Income tax expense > Interest expense > > Interest revenue Rent revenue Salaries expense Sales >> Sales discounts Sales returns and allowances The following information relates to Southco Limited's Cash account. The reconciled cash balance from June's bank reconciliation is $18,920. During the month of July, Southco recorded cash receipts of $21,700 and cash payments of $24,300 in the general ledger Cash account. An examination of the company's July bank statement shows a balance of $19,260 on July 31; outstanding cheques $3,630; deposits in transit $1,450; EFT collections on account that were not yet recorded on the books $2,170; NSF cheque $1,270; NSF fee $50; and bank services charges $90. Determine the cash balance per Southco Limited's books. Cash balance $ Prepare the bank reconciliation at July 31. (List items that increase balance as per bank & books first.) Southco Limited Bank Reconciliation July 31 Bank Reconciliation July 31 $