A company reports the following amount in its December 31, Year 1, income statement. Sales revenue Non-operating revenue Selling expenses General expenses $265,000 103,000 53,000 43,000 Income tax expense Cost of goods sold Administrative expenses $ 23,000 183,000 33,000 Required: 1. Prepare a multiple-step income statement. (Losses should be indicated by a minus sign.) Multiple-step Income Statement For the year ended December 31, Year 1 Total operating expenses Operating income (loss) 2. The company does not appear to have much profit-generating potential. O True False