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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

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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 872000 555.000 317.000 Cost of goods sold Cross profit Operating expenses Selling expenses Administrative expenses 109.000 103.000 212.000 Net earnings $105.000 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 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 5911.000 less freight out on merchandise sold $33,000, and sales returns and allowances $28.000 Other revenues, as presented, consist of sales discounts $18,000 and rent revenue 54.000 3 Selling expenses as presented.consist of salespersons salaries $80.000 depreciation on equipment $10.000, 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, as 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 $6,000 for the first quarter of 2018 4 Prepare a correct detailed multiple-step income statement. Assume 25% taratiList other revenues before other openses Round answers to decimal places, es 5.125) SIMON COMPANY Income Statement For the Year Ended December 31, 2022 Sales Revenge 911000 Sales and Allowance 28000 Sales Discount 18000 000 Net Sales 5000 Cost of Good Sold 555000 Groms Probat 250000 Ses Wepene Freight Hent Expense 111 18000 Advertising Epe 1000 Depreciation Expense 10000 Total Operating Expense 222000 Income From Operations " 000 Operating perses 117009 In Operations 000 Opties 112000 Net Income/low 5500 e Textbook and Media List of Accounts Attempts: 0 of 3 used to Safor La

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