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Selected account balances at December 31,2014, for Infosys Company follow. Prepare a multistep income statement...

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Accounting

Selected account balances at December 31,2014, for Infosys Company follow. Prepare a multistep income statement for the year ended December 31,2014. Show detail
of net sales. The company uses the perpetual inventory system, and Freight-In has not
been included in Cost of Goods Sold.
Account Name Debit Credit
Sales $475,000
Sales Returns and Allowances $ 23,500
Cost of Goods Sold 280,000
Freight-In 13,500
Selling Expenses 43,000
General and Administrative Expenses 87,000

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