Assume Taret's adjusted trial balance on April 30, 2016, its fiscal year-end, follows. Prepare a multiple-step income statement that begins with gross sales, and includes separate categories for net sales, cost of goods sold, selling expenses and general and administrative expenses. 5. Debit Credit 2,800 Other (noninventory) assets Total liabilities Common stock Retained earnings 1,700 9.467 Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense Office salaries expense Rent expense Office spaoe Office supplies expense Totals 240 ,500 450 180 420 2.087 $12 087