\begin{tabular}{lr} \hline Sales revenue & $300,000 \\ Nonoperating revenue & 110,000 \\ Selling expenses & 60,000 \\ General expenses & 50,000 \\ Income tax expense & $30,000 \\ Cost of goods sold & 190,000 \\ Administrative expenses & 40,000 \\ Required: \\ 1. Prepare a multiple-step income statement. \\ 2. Explain how analyzing the multiple levels of profitability can help in understanding the future profit-generating potential of Tisdale \\ Incorporated. \end{tabular}