The following is a list of the accounts and balances taken from the adjusted trial balance at December 31, 2024, for Wilson Merchants.

Wilson uses a perpetual inventory system and the earnings approach for revenue recognition. All accounts have normal balances.

Account

Balance

Dec. 31

Accounts payable

$14,600

Accounts receivable

30,000

Accumulated depreciation-building

15,000

Accumulated depreciation-equipment

10,300

Advertising expense

4,600

Building

84,400

S. Wilson, capital

65,000

S. Wilson, drawings

29,100

Cash

4,400

Cost of goods sold

234,800

Depreciation expense

6,100

Equipment

25,500

Delivery expense

620

Insurance expense

1,050

Interest expense

2,220

Interest revenue

1,340

Land

12,700

Merchandise inventory

95,350

Mortgage payable

56,800

Prepaid insurance

2,400

Property tax expense

1,300

Property taxes payable

700

Rent revenue

1,700

Salaries expense

41,200

Salaries payable

700

Sales

421,100

Sales discounts

15,400

Sales returns and allowances

17,800

Unearned revenue

23,500

Utilities expense

1,800

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CC120 FX Term Test #2 T2244 - Alex Kim

Question 3 of 11 - ACC120 FX Te

3 1 0

Question 3 of 11

-117 三：

Prepare a multiple-step income statement for Wilson Merchant for the year ended December 31, 2024. (List Other Revenues before

Other Expenses.)