A company reports the following amount in its December 31, Year 1, income statement. Sales revenue Non-operating revenue Selling expenses General expenses $250,000 100,000 50,000 40,000 Income tax expense cost of goods sold Administrative expenses $ 20,000 180,000 30,000 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 Total operating expenses Operating income (loss) Required information (The following information applies to the questions displayed below.) A company reports the following amount in its December 31, Year 1 income statement. Sales revenue Non-operating revenue Selling expenses General expenses $ 250,000 100,000 50,000 40,000 Inicome tax expense cost of goods sold Administrative expenses $ 20,000 180,000 30,000 2. The company does not appear to have much profit-generating potential. True False