18. Based on the following account information, prepare a multi step statement of income. Cash: $50,000 Prepaid expenses: $5,000 Accounts receivable: $70,000 Bad debt expense: $1,000 General and administrative expenses: $10,000 Net Sales: $900,000 Direct materials and direct labor expenses: $300,000 Selling and marketing expenses: $150,000 Income tax expense: $180,000 Interest income: $5,000 Interest receivable: $5,000 Retained earnings: $80,000 Accumulated depreciation: $5,000 Depreciation expense: $1,000 18. Based on the following account information, prepare a multi step statement of income. Cash: $50,000 Prepaid expenses: $5,000 Accounts receivable: $70,000 Bad debt expense: $1,000 General and administrative expenses: $10,000 Net Sales: $900,000 Direct materials and direct labor expenses: $300,000 Selling and marketing expenses: $150,000 Income tax expense: $180,000 Interest income: $5,000 Interest receivable: $5,000 Retained earnings: $80,000 Accumulated depreciation: $5,000 Depreciation expense: $1,000