The following amounts appeared on Excel Company?s adjusted trial balance as of May 31, 2020, the end of its fiscal year:

Required

1. Present a classified multiple-step income statement for internal users (see Exhibit 5.13) that lists the company?s net sales, cost of goods sold, and gross profit, as well as the components and amounts of selling expenses and general and administrative expenses.

2. Present a condensed single-step income statement (see Exhibit 5.15) that lists these costs: cost of goods sold, selling expenses, and general and administrative expenses.

Exhibition 5.13

Exhibition 5.15

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Credit Debit Merchandise inventory 21,000 Other assets 385,200 $ 105,000 Liabilities. Reena Excel, capital. 339,150 Reena Excel, withdrawals. 48,000 636,000 Sales. 9,750 Sales discounts. Sales returns and allowances. 42,000 Cost of goods sold. 296,000 Sales salaries expense 87,000 Rent expense, selling space. 30,000 Store supplies expense. 7,500 54,000 Advertising expense. Office salaries expense. 79,500 Rent expense, office space. Office supplies expense. 17,800 2,400 $1,080,150 $1,080,150 Totals. %24 Lifetime Equipment Co-op Income Statement For Year Ended February 23, 2020 Sales $321,000 $ 4,300 2,000 Less: Sales discounts.. Sales returns and allowances. 6,300 Net sales. $314,700 Cost of goods sold. Gross profit from sales. 230,400 $ 84,300 Operating expenses: Selling expenses: Sales salaries expense $18,500 Advertising expense. 11,300 Rent expense, selling space. 8,100 Depreciation expense, store equipment. Store supplies expense. 3,000 1,200 Total selling expenses. $42,100 General and administrative expenses: Office salaries expense. $25,300 Office supplies expense. 1,800 Rent expense, office space 900 Depreciation expense, office equipment 700 Insurance expense. 600 Total general and administrative expenses.. 29,300 Total operating expenses. 71,400 $ 12,900 Profit from operations. Other revenues and expenses: -- Note: Rent revenue is added Interest expense is subtracted 2,440 -to get total Other revenues $ 15,340 $ 2,800 Rent revenue. Interest expense. 360 Profit and expenses.