On December 31, 2013, analysis of Sayer Sporting Goods' operations for 2013 revealed the following.

(a) Total cash collections from customers, $105,260.

(b) December 31, 2012, inventory balance, $12,180.

(c) Total cash payments, $92,450.

(d) Accounts receivable, December 31, 2012, $22,150.

(e) Accounts payable, December 31, 2012, $10,830.

(f) Accounts receivable, December 31, 2013, $18,920.

(g) Accounts payable, December 31, 2013, $7,120.

(h) General and administrative expenses total 25% of sales. This amount includes the depreciation on store and equipment.

(i) Selling expenses of $12,352 total 20% of gross profit.

(j) No general and administrative or selling expense liabilities existed at December 31, 2013.

(k) Wages and salaries payable at December 31, 2012, $4,450.

(l) Depreciation expense on store and equipment total 12% of general and administrative expenses.

(m) Shares of stock issued and outstanding, 5,000.

(n) The income tax rate is 40%.

Instructions:

Prepare a multiple-step income statement for the year ended December 31, 2013?