Using the information in Problem 14B, prepare a classified multi-step income statement.
In Problem 14B

Debit Credit Cash Merchandise inventory Supplies Prepaid rent Store equipment 7,000 39,500 1,600 19,200 60,000 14,000 23,000 Office equipment Accumulated depreciation, office equipment... Accounts payable 6,500 16,000 134,600 34,000 Lucy Baker, withdrawals Sales Sales returns and allowances Sales discounts Purchases Purchase returns and allowances Purchase discounts Transportation-in Salaries expense (60% selling, 40% office) Rent expense (80% selling space, 20% office space) Advertising expense Supplies expense (30% selling supplies; 70% office supplies) Depreciation expense, store equipment Depreciation expense, office equipment Totals 506,750 13,800 6,000 346,000 4,600 7,150 16,000 58,000 49,000 7,000 9,50 0 S689,600 5689,600