This is ACC 1093. Prepare classified multi step income statement.

Question 3 [35 points] X-cell Inc. began operations several years ago. X-cell Inc.'s closing entries at July 31, 2014 are shown below. Use this information to prepare a classified multi-step income statement for the year ending July 31, 2014. General Journal Page GJ1 (select one) Date Account/Explanation F Debit Credit Income Statement 31/Jul Rent Earned 145,500 (select one) Sales 306,500 Income Summary 452,DDD Close temporary credit balance accounts 31/Jul Income Summary 590.500 Cost Of Goods Sold 38.500 Depreciation Expense, Office Fixtures 16,000 Depreciation Expense, Store Fumiture 19.000 4 Insurance Expense 24.500 Interest Expense 28,000 Office Salaries Expense 107.500 Office Supplies Expense 77,500 Sales Discounts 27,500 Sales Returns and Allowances 20,ODD Sales Salaries Expense 143,000 Store Supplies Expense 89,000 Close temporary debit balance accounts 31/Jul Retained Earnings 138,500 Income Summary 138,500 Close income summary 31/Jul Retained Earnings 37.500 Dividends 37,500 Close dividends