Required: 

 Prepare in good format, a Multi-Step Income Statement for Cadman Retail as instructed by your boss, the VP Finance.

You are the new accountant hired by Cadman Retail Lad. The company has traditionally used a Single-Step Income Statement. Cadman Retail's draft Statement of Income for the year just ended on September 30, 2023 is shown below. Your boss, the VP Finance. Cheryl Cadman, approaches you this morning and asks you to prepare a Multi-step income statement in good form, using the draft data from the single-step income statement she has provided. The draft statement provided here is not yet in good format as Cheryl has simply given you the numbers from her spreadsheet. Prep by Cheryl C; Oct 9 Revenues Sales Interest Income Expenses Cost of Goods Sold Addministrative Expenses Selling Expenses Interest Expense Income Before Income Taxes Income Tax Expense Net Income S 1,061.375 S $ 806,240 555 2,400 S 88,515 42,100 12,350 S S 1,063,775 S 949,205 $ 114,570 17250 $ 97,320