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Presented below is information for Zales Company for the month of January 2017. Cost of goods sold Freight-out Insurance expense Salaries and wages expense $35,000 8,000 12,000 Sales returns and allowances 13,000 421,000 $280,000 Rent expense 7,000 Sales discounts 42,000 Sales revenue Prepare a multiple-step income statement. ZALES COMPANY Income Statement For the Month Ended January 31, 2017

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ZALES COMPANY Income Statement For the Month Ended Januarv 31, 2017 Sales Reven Sales less Sales returns and allowences Sales Discounts ues $421,000 $13,000 $ 8,000 $ 21,000 $400,000 $280,000 $120,000 Net Sales Cost of Goods Sold GrOSs Prolit Operating expenses Salaries and wages expense Rent Expense Insurance Expense Freight -Out Total Operating Expense Net Income $42,000 $35,000 $12,000 $ 7,000 $ 96,000 $ 24,000

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