Suppose Pelosi Communications uses the perpetual inventory system and reported these figures in its December 31, 2014, financial statements:
Accounts payable......................................... $ 8,000
Accounts receivable...................................... 5,600
Accrued liabilities......................................... 3,200
Cash ............................................................... 7,600
Cost of goods sold ........................................40,000
Equipment, net ............................................. 17,400
Inventory........................................................ 800
Long-term notes payable ............................. 1,800
Net sales revenue......................................... 60,000
Total operating expenses............................. 17,000
V. Pelosi, capital .......................................... 18,400
Prepare Pelosi Communications' multi-step income statement for the year ended December 31, 2014.