The following income statement was prepared by an office clerk hired for July. As the accounting supervisor, you recognize that it is incorrect and prepare a corrected multi-step income statement.

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Demo Sales Income Statement For Month Ended July 31, 2014 Sales Accounts receivable Unearned sales Net sales... Operating expenses: S562,140 37,000 18,000 S617,140 Advertising expense Cost of goods sold Depreciation expense, equipment nsurance expense Interest expense Interest payable Jen Conway, withdrawals 14,000 394,000 3,000 2,500 1,700 250 14,000 9,000 14,000 25,000 5,000 175,000 Prepaid rent Rent expense Salaries payable Sales discounts 2,800 690,250 73,110 Net loss