Multiple-step income statement
On February 28, 2014, the balances of the accounts appearing in the ledger of Foldaway Furnishings Company, a furniture wholesaler, are as follows:
| Accumulated Depreciation—Building | $ 150,000 | Notes Payable | 400,000 |
| Administrative Expenses | 290,000 | Office Supplies | 20,000 |
| Building | 1,130,000 | Retained Earnings | 416,000 |
| Capital Stock | 175,000 | Salaries Payable | 6,000 |
| Cash | 97,000 | Sales | 2,850,000 |
| Cost of Merchandise Sold | 1,641,000 | Sales Discounts | 25,000 |
| Dividends | 50,000 | Sales Returns and Allowances | 90,000 |
| Interest Expense | 29,000 | Selling Expenses | 300,000 |
| Merchandise Inventory | $ 260,000 | Store Supplies | 65,000 |
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