An inexperienced accountant prepared this condensed income statement for Simon Company, a retail firm that has been in business for a number of years SIMON COMPANY Income Statement For the Year Ended December 31, 2022 Revenues Net sales $850.000 Other revenues 22.000 872.000 Cost of goods sold 555.000 317.000 Gross proht Operating expenses Selling expenses 109.000 Administrative expenses 103.000 212.000 Net earnings $105.000 As an experienced knowledgeable accountant, you review the statement and determine that the followimesteps were taken by the accountant to compute the amounts presented in the income statement As an experienced, knowledgeable accountant, you review the statement and determine that the following steps were taken by the accountant to compute the amounts presented in the income statement 1 Net sales, as presented consist of sales $911.000, less freight-out on merchandise sold $33.000, and sales returres and allowances $28.000 2 Other revenues, as presented consist of sales discounts $18,000 and rent revenue 54.000 Selling expenses, as presented, consist of salespersons salaries $80,000; depreciation on equipment 510.000 advertising $13.000, and sales commissions 56.000 The commissions represent commissions paid. At December 31, $3.000 of commissions have been earned by salespersons but have not been paid. All compensation should be recorded as Salaries and Wages Expense Administrative expenses presented.consist of office salaries $47.000 dividends $18,000; utilities $12.000 interest expense $2.000, and rent expense $24.000, which includes prepayments totaling 56.000 for the first quarter of 2018 Prepare a correct detailed multiple-step income statement. Assume a 25% tax rate (List other revenues before other expenses Round answers to decimal places,.. 5,125. SIMON COMPANY Income Statement For the Year Ended December 31, 2002 SIMON COMPANY Income Statement For the Year Ended December 3.2022 1 totales Less 10 1 0001 GoPro 30000 Open 30 1 mi 110 Wepene 15 Total Operating penes Income From Operation from operation : .. Other pemand 1000 ce Total Operating Expenses Income from Operations Income From Oration Other pensando 200 Income Before Income Taxes . 10000 Income Tax Net Income . 10000