The following account balances are taken from Sherwood Ltd.’s adjusted trial balance at June 30, 2020:...

The following account balances are taken from Sherwood Ltd.’s adjusted trial balance at June 30, 2020:

	Debit	Credit
Sales revenue		$1,254,000
Advertising expense	$123,000
Cost of goods sold	594,000
General and administrative expenses	39,000
Selling expenses	75,000
Depreciation expense	70,000
Interest expense	39,000
Interest revenue		43,000
Income tax expense	12,000
Wages expense	166,000
Utilities expense	107,000

Prepare a single-step statement of income for the year ended June 30, 2020.

Prepare a multi-step statement of income for the year ended June 30, 2020.

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