6 0.35 points QS 4-20 (Static) Preparing a multiple-step Income statement LO P4 Save-the-Earth Company reports the following income statement accounts for the year ended December 31. Sales discounts Office salaries expense Rent expense-Office space $ 750 2,000 1,500 Advertising expense 500 Sales returns and allowances 250 Office supplies expense 500 Cost of goods sold 9,000 Sales 20,000 Insurance expense 1,000 2,500 Sales staff salaries expense Prepare a multiple-step income statement for the year ended December 31. Answer is not complete. Save-the-Earth Company Income Statement For Year Ended December 31 Sales Less: Sales returns and allowances Less: Sales discounts Net sales Cost of goods sold Gross profit S 20,000 S 250 750 1,000 19,000 9,000 10,000 Expenses Selling expenses Rent expense-Office space 1,500x Sales staff salaries expense 2,500 Advertising expense 500 Total selling expenses 4,500 General and administrative expenses Office supplies expense 500 Insurance expense 1,000 Office salaries expense 2,000 Total general and administrative expenses Total expenses Net income 3,500 8,000 S 2,000