Can you please check my work and make sure I have done this problem correctly?

P5-5A Prepare multi-step income statement and analysis Please reference the assignment instructions provided within the classroom for all requirements and materials. Scenario: An inexperienced accountant prepared this condensed income statement for Simon Company, a retail firm has been in business for a number of years. SIMON COMPANY Income Statement For the Year Ended December 31, 2017 Revenues Net sales $850,000 Other revenues 22,000 872,000 Cost of goods sold 555,000 Gross profit 317,000 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 the following facts: 1 Net sales consist of: sales $911,000, less freight-out on merchandise sold $33,000, and sa returns and allowances $28,000 2 Other revenues consist of sales discounts $18,000 and rent revenue $4,000. 3 Selling expenses consist of salespersons' salaries $80,000, depreciation on equipment $10 advertising $13,000, and sales commissions $6,000. The commissions represent commiss At December 21, $3,000 of commissions have been earned by salespersons but have not All compensation should be recorded as Salaries and Wages Expense. 4 Administrative expenses consist of office salaries $47,000, dividends $18,000, utilities $12 interest expense $2,000, and rent expense $24,000, which includes prepayments totaling the first quarter of 2018. Instructions (a) Prepare a detailed multi-step income statement with a brief explanation of 500 words. Assume a 25% tax rate. You can add your analysis below the income statement or attach a separate Word file. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" . (a) Simon Company Income Statement For the Year Ended December 31, 2017 Sales Sales revenue $911,000 Less: Sales returns allowances Less: Sales discounts Net Sales Cost of goods sold Gross profit Operating expenses Salaries and wages expense Freight-out Rent expense Advertising expense Utilities expense Depreciation expense Total operating expenses Income from operations Other revenues and gains Rent revenue Other expenses and losses Interest expense Income before income taxes Income tax expense Net income $28,000 $18,000 106,000 33,000 18,000 13,000 12,000 10,000 159,000 136,000 4,000 2,000 138,000 34,500 $103,500 Hint: Calculating Income Tax Expense Income before income taxes Multiply tax rate % = Income tax expense 61,000 $850,000 555,000 $295,000 $138,000 34,500 103,500 ments and materials. on Company, a retail firm that e following facts: dise sold $33,000, and sales nue $4,000. ciation on equipment $10,000, ssions represent commissions paid. lespersons but have not been paid. nds $18,000, utilities $12,000, des prepayments totaling $6,000 Assume a 25% tax rate. ells with a "?" . see formula below