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Signature Co. is an online merchandising company that high-end jackets to its customers....

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Question

Accounting

Signature Co. is an online merchandising company that high-end jackets to its
customers. The following selected figures (in euros) relate to the most recent
fiscal year 2023:
Interest revenue 20,000 Rent expense 60,000
Interest expense 15,000 Insurance expense 20,000
Depreciation expense 50,000 Interest Payable 3,000
Accumulated
depreciation
150,000 Sales revenue 900,000
Salaries and wages
payable
25,000 Sales returns and
allowances
30,000
Salaries and wages
expense
120,000 Sales discount 10,000
Utilities expense 40,000 Freight out 30,000
Prepaid rent 160,000 Advertising expense 25,000
Required:
1) If your know that the net income for 2023 was 60,000, prepare a
multiple-step income statement for Signature Co. for the year ended
December 31,2023, and obtain the amount of the cost of goods sold.
2) Would preparing a single-step income statement result in a different
amount of net income?

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