View Policies Current Attempt in Progress Cullumber Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on November 30, 2020, the following accounts appeared in two of its trial balances Unadjusted Adjusted Unadjusted Adjusted Accounts Payable $25,200 $25,200 Notes payable $36,000 $36,000 Accounts Receivable 30.800 30,800 Owner's Capital 88,800 88,800 Accumulated Depr.- Equipment 34,000 45,000 Owner's Drawings 9,500 9,500 Cash 25.500 25,500 Prepaid Insurance 10,300 2,600 Cost of Goods Sold 506,000 506,000 Property Tax Expense 2,500 Freight-Out 6,300 6,300 Property Taxes Payable 2,500 Equipment 147.000 147,000 Rent Expense 15.000 15,000 Depreciation Expense 11.000 Salaries and Wages Expense 96.000 96,000 Insurance Expense 7,700 Sales Revenue 720.000 720,000 Interest Expense 6,500 6,500 Sales Commissions Expense 6,500 11,000 Interest Revenue 1.900 1,900 Sales Commissions Payable 4,500 Inventory 30,000 30,000 Sales Returns and Allowances 8.000 8.000 Utilities Expense 8,500 8.500 17 (4) AR w O Prepare a multiple-step income statement. (List other revenues before other expenses. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses 68. (451) CULLUMBER STORE Income Statement