2. Prepare a multiple-step income statement for fiscal year 2016. o Statement r Ended January 31, 2 $114,950 Sales Less: Sales discounis Less: Sales returns and allowances Net sales Cost of goods sold Gross profit Expense 2,000 2,100 4,100 110,850 110,850 Selling expenses Depreciation expense- Store equipment Sales salaries expense 1,625 Store supplies expense Advertising expense 3,300 9.000 Total selling expenses 13,925 General and administrative expenses Office salaries expense Rent expense Office space Insurance expense Total general and administrative expenses Total expenses 1.500 1,500 Net income 15,425