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Problem 3 (15 Points) The adjusted trial balance of Nick Company contained the following information:...

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Accounting

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Problem 3 (15 Points) The adjusted trial balance of Nick Company contained the following information: Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Freight-Out Advertising Expense Interest Expense Salaries and Wages Expense Utilities Expense Depreciation Expense Interest Revenue Instructions 1. Use the above information to prepare a multiple-step income statement for the year ended Credit $580,000 $ 20,000 10,000 325,000 5,000 25,000 15,000 80,000 30,000 10,000 30,000 December 31, 2015 2. Prepare a single-step income statement for the year ended December 31, 2015

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