A company reports the following accounts for the year ended Deember 31. Adjusted Trial Balance December 31 Cash Accounts receivable Merchandise inventory office supplies Store equipment Accumulated depreciation-store equipment Building Accumulated depreciation-building Accounts payable Salaries payable Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Depreciation expense-store equipment Depreciation expense-building Advertising expense office supplies expense Totals Debit $ 19,500 27,000 38,000 1,200 80,000 260,000 45,000 8,000 24,500 210,000 39,000 16,000 24,000 12,300 3,500 $ 808,000 Credit $ 25,000 121,600 28,500 13,000 100,000 69,900 450,000 $ 808,000 Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. The company categorizes the following accounts as selling expenses: Sales Salaries Expense, Depreciation Expense-Store Equipment, and Advertising Expense. It categorizes the remaining expenses as general and administrative.

Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. The company categorizes the following accounts as selling expenses: Sales Salaries Expense. Depreciation Expenso -Store Equipment, and Advertising Expense. It categorizes the remaining expenses as general and administrative